https://www.taxtmi.com/caselaws?id=58868 Reduction and later relinquishment of partners' profit-sharing interests, including goodwill, in favour of family trusts without consideration was treated as a deemed gift under section 4(1)(c) of the Gift-tax Act, because the trusts acquired property and the assessees' interests were correspondingly diminished. The valuation of that deemed gift was required to be recomputed on remand by applying capitalisation of super-profits, using the preceding four or five years' assessed income with appropriate adjustments, including reasonable deductions for partners' remuneration and interest on capital, in line with the Board's circular on partnership interest valuation. en-us Tue, 03 Mar 1987 00:00:00 +0530 Wed, 22 Dec 2010 15:38:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58868 Reduction and later relinquishment of partners' profit-sharing interests, including goodwill, in favour of family trusts without consideration was treated as a deemed gift under section 4(1)(c) of the Gift-tax Act, because the trusts acquired property and the assessees' interests were correspondingly diminished. The valuation of that deemed gift was required to be recomputed on remand by applying capitalisation of super-profits, using the preceding four or five years' assessed income with appropriate adjustments, including reasonable deductions for partners' remuneration and interest on capital, in line with the Board's circular on partnership interest valuation. Case-Laws Income Tax Tue, 03 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58868