https://www.taxtmi.com/caselaws?id=58000 A partnership reconstitution did not amount to a taxable gift where the assessee's reduced profit share was matched by a corresponding reduction in its capital contribution and the incoming minors brought substantial capital from independent sources. The transaction was materially different from cases involving a transfer of rights without consideration, and there was no reliable nexus between capital withdrawn by the assessee and capital contributed by the minors. On those facts, the arrangement could not be characterised as a gift, so exemption under section 5(1)(xiv) did not arise. en-us Thu, 29 Nov 1990 00:00:00 +0530 Wed, 15 Dec 2010 17:36:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58000 A partnership reconstitution did not amount to a taxable gift where the assessee's reduced profit share was matched by a corresponding reduction in its capital contribution and the incoming minors brought substantial capital from independent sources. The transaction was materially different from cases involving a transfer of rights without consideration, and there was no reliable nexus between capital withdrawn by the assessee and capital contributed by the minors. On those facts, the arrangement could not be characterised as a gift, so exemption under section 5(1)(xiv) did not arise. Case-Laws Income Tax Thu, 29 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58000