https://www.taxtmi.com/caselaws?id=55515 Admission of the assessee's sons as partners was not a deemed gift under the Gift-tax Act because their capital remained invested in the business, they were required to retain that capital and actively participate, and their contribution provided adequate consideration supported by business necessity. The assessee also retained the goodwill and the licence to supply electricity, but on the stated facts the arrangement was still treated as a genuine partnership reorganisation in the course of business. The assessed gift was therefore not sustainable. en-us Thu, 30 Jun 1994 00:00:00 +0530 Sat, 27 Nov 2010 14:37:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55515 Admission of the assessee's sons as partners was not a deemed gift under the Gift-tax Act because their capital remained invested in the business, they were required to retain that capital and actively participate, and their contribution provided adequate consideration supported by business necessity. The assessee also retained the goodwill and the licence to supply electricity, but on the stated facts the arrangement was still treated as a genuine partnership reorganisation in the course of business. The assessed gift was therefore not sustainable. Case-Laws Income Tax Thu, 30 Jun 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55515