https://www.taxtmi.com/caselaws?id=57623 Admission of major sons as working partners in a converted partnership firm, with capital contribution and profit-sharing rights, was treated as supported by adequate consideration. Their participation in the business, together with capital contribution and assumption of future business risks and profits, was sufficient to negate any characterization of the arrangement as a transfer without consideration. The resulting addition for taxable gift was therefore unsustainable, and the transaction was not liable to gift tax. en-us Mon, 30 Apr 1984 00:00:00 +0530 Sun, 06 Feb 2011 03:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57623 Admission of major sons as working partners in a converted partnership firm, with capital contribution and profit-sharing rights, was treated as supported by adequate consideration. Their participation in the business, together with capital contribution and assumption of future business risks and profits, was sufficient to negate any characterization of the arrangement as a transfer without consideration. The resulting addition for taxable gift was therefore unsustainable, and the transaction was not liable to gift tax. Case-Laws Income Tax Mon, 30 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57623