https://www.taxtmi.com/caselaws?id=37608 Formation of a partnership between a father and son, where the son contributed fresh capital and assumed reciprocal partnership obligations, was held not to involve a taxable gift under the Gift-tax Act, 1958. Any transfer of the father's interest in the goodwill of the proprietary business was treated as incidental to the partnership arrangement, not as a separate gratuitous transfer. The arrangement involved consideration in money or money's worth, and the statutory definition of "gift" was not satisfied merely because a transfer within the broader transfer definition could be assumed. The transaction was therefore not taxable as a gift. en-us Thu, 20 Nov 1975 00:00:00 +0530 Tue, 30 Mar 2010 18:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37608 Formation of a partnership between a father and son, where the son contributed fresh capital and assumed reciprocal partnership obligations, was held not to involve a taxable gift under the Gift-tax Act, 1958. Any transfer of the father's interest in the goodwill of the proprietary business was treated as incidental to the partnership arrangement, not as a separate gratuitous transfer. The arrangement involved consideration in money or money's worth, and the statutory definition of "gift" was not satisfied merely because a transfer within the broader transfer definition could be assumed. The transaction was therefore not taxable as a gift. Case-Laws Income Tax Thu, 20 Nov 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37608