https://www.taxtmi.com/caselaws?id=38669 A partnership firm's sale of specific shares to named partners for cash was treated as a taxable transfer under the Gift-tax Act because each partner became exclusively entitled to the shares and the transaction was not a mere conversion of property into partnership assets or a dissolution adjustment. The transfer of unquoted shares to the partners' wives and mother was also held to be for inadequate consideration, since market value could be determined by the recognised break-up value method and exceeded the stated price. The assessment was therefore sustained, with both questions answered against the assessee. en-us Tue, 16 Nov 1976 00:00:00 +0530 Thu, 08 Apr 2010 12:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38669 A partnership firm's sale of specific shares to named partners for cash was treated as a taxable transfer under the Gift-tax Act because each partner became exclusively entitled to the shares and the transaction was not a mere conversion of property into partnership assets or a dissolution adjustment. The transfer of unquoted shares to the partners' wives and mother was also held to be for inadequate consideration, since market value could be determined by the recognised break-up value method and exceeded the stated price. The assessment was therefore sustained, with both questions answered against the assessee. Case-Laws Income Tax Tue, 16 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38669