https://www.taxtmi.com/caselaws?id=40244 Allotment and adjustment of partnership assets on dissolution, including release of rights in favour of the continuing partner for consideration, did not amount to a gift or transfer of property under the Gift-tax Act, 1958. The Court held that the statutory concept of "transfer" requires a voluntary disposition without consideration, and that a partner has no exclusive right in specific firm assets during the subsistence of the partnership. On dissolution, distribution of assets is a mutual adjustment of rights, not a transfer in the strict legal sense. The Revenue's authorities were distinguished on their facts, and the assessment of gift-tax could not be sustained. en-us Tue, 17 Oct 2000 00:00:00 +0530 Mon, 02 Jun 2025 16:20:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40244 Allotment and adjustment of partnership assets on dissolution, including release of rights in favour of the continuing partner for consideration, did not amount to a gift or transfer of property under the Gift-tax Act, 1958. The Court held that the statutory concept of "transfer" requires a voluntary disposition without consideration, and that a partner has no exclusive right in specific firm assets during the subsistence of the partnership. On dissolution, distribution of assets is a mutual adjustment of rights, not a transfer in the strict legal sense. The Revenue's authorities were distinguished on their facts, and the assessment of gift-tax could not be sustained. Case-Laws Income Tax Tue, 17 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40244