https://www.taxtmi.com/caselaws?id=37606 An interest in partnership goodwill granted to working sons under a reconstituted business arrangement was treated as part of a reciprocal commercial transaction, not as a gratuitous transfer. Because the sons' enhanced goodwill interests were supported by consideration in the form of labour, altered profit shares, salary and loss of commission, the transfer was not a gift without adequate consideration and section 10 of the Estate Duty Act did not apply. The further question of exclusion from possession and enjoyment did not arise once the element of gift was absent. en-us Thu, 17 Aug 1978 00:00:00 +0530 Tue, 30 Mar 2010 18:39:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37606 An interest in partnership goodwill granted to working sons under a reconstituted business arrangement was treated as part of a reciprocal commercial transaction, not as a gratuitous transfer. Because the sons' enhanced goodwill interests were supported by consideration in the form of labour, altered profit shares, salary and loss of commission, the transfer was not a gift without adequate consideration and section 10 of the Estate Duty Act did not apply. The further question of exclusion from possession and enjoyment did not arise once the element of gift was absent. Case-Laws Income Tax Thu, 17 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37606