https://www.taxtmi.com/caselaws?id=61013 Admission of new partners with fresh capital and revised profit-sharing ratios was treated as a genuine business reorganisation, not a transfer of existing partners' interests by way of gift. Because no goodwill was shown as a separately identifiable asset in the accounts or partnership deed, and no property was found to have been transferred for gift-tax purposes, the transaction fell outside the Gift-tax Act, 1958. The reconstitution was undertaken to strengthen the firm's finances and operations, so no taxable gift arose. en-us Thu, 29 Mar 1984 00:00:00 +0530 Mon, 10 Jan 2011 13:38:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61013 Admission of new partners with fresh capital and revised profit-sharing ratios was treated as a genuine business reorganisation, not a transfer of existing partners' interests by way of gift. Because no goodwill was shown as a separately identifiable asset in the accounts or partnership deed, and no property was found to have been transferred for gift-tax purposes, the transaction fell outside the Gift-tax Act, 1958. The reconstitution was undertaken to strengthen the firm's finances and operations, so no taxable gift arose. Case-Laws Income Tax Thu, 29 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61013