1998 (7) TMI 14

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....sideration for which the assets of the firm were transferred by the partners to a company in which the same partners are the shareholders and which company continues to carry on the same business that was being carried on by the erstwhile firm is not "adequate", thereby attracting the provisions of section 4(1)(a) of the Gift-tax Act, 1958. This argument proceeds on the assumption that adequate va....

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....here was no deemed gift by one to the other, as the transaction was a bona fide one and the consideration was the true consideration that had been paid by one party to transaction to the other. It was also held that when the transfer was of a concern, the Gift-tax Officer should not take up only one item of asset, viz., goodwill and try to evaluate that alone for arriving at the value of the gift.....