https://www.taxtmi.com/caselaws?id=26453 Conversion of a proprietary business into a partnership did not amount to a taxable gift where the major son was admitted as a working partner for business expansion and the arrangement lacked the element of bounty. Admission of the minor sons to the benefits of partnership also did not establish a completed gift on the facts found, as no capital contribution, loss liability, or transfer of assets was shown. The Tribunal's factual and legal conclusions were accepted as sound, so no referable question of law arose from the order and the reference application failed. en-us Tue, 29 Oct 1985 00:00:00 +0530 Fri, 05 Feb 2010 10:44:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26453 Conversion of a proprietary business into a partnership did not amount to a taxable gift where the major son was admitted as a working partner for business expansion and the arrangement lacked the element of bounty. Admission of the minor sons to the benefits of partnership also did not establish a completed gift on the facts found, as no capital contribution, loss liability, or transfer of assets was shown. The Tribunal's factual and legal conclusions were accepted as sound, so no referable question of law arose from the order and the reference application failed. Case-Laws Income Tax Tue, 29 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26453