https://www.taxtmi.com/caselaws?id=58109 The Tribunal allowed the appeal, ruling that there was no valid transfer of profit share without consideration in the case of new partners. The Tribunal found that the new partners actively contributed to the firm, with one partner investing capital and providing services, while the other utilized expertise to promote the business. Their active participation and agreement to bear losses were deemed as consideration, leading to the deletion of the addition of deemed gifts in their favor. en-us Mon, 04 Aug 1980 00:00:00 +0530 Fri, 17 Dec 2010 13:42:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58109 The Tribunal allowed the appeal, ruling that there was no valid transfer of profit share without consideration in the case of new partners. The Tribunal found that the new partners actively contributed to the firm, with one partner investing capital and providing services, while the other utilized expertise to promote the business. Their active participation and agreement to bear losses were deemed as consideration, leading to the deletion of the addition of deemed gifts in their favor. Case-Laws Income Tax Mon, 04 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58109