https://www.taxtmi.com/caselaws?id=23216 Allotment of shares to partners on takeover of a firm by a company did not constitute a separate deemed gift where the firm's entire assets and liabilities were transferred as a going concern. The share value was treated as reflecting the assets taken over, including embedded profits and goodwill, and the absence of finalised firm accounts on the takeover date did not create an independent gift element. On these facts, no separate deemed gift was established and gift-tax was not chargeable. en-us Tue, 17 Jul 1990 00:00:00 +0530 Thu, 17 Dec 2009 15:26:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23216 Allotment of shares to partners on takeover of a firm by a company did not constitute a separate deemed gift where the firm's entire assets and liabilities were transferred as a going concern. The share value was treated as reflecting the assets taken over, including embedded profits and goodwill, and the absence of finalised firm accounts on the takeover date did not create an independent gift element. On these facts, no separate deemed gift was established and gift-tax was not chargeable. Case-Laws Income Tax Tue, 17 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23216