https://www.taxtmi.com/caselaws?id=62145 On dissolution of a partnership, a taxable gift does not arise where the partners' rights are adjusted through account entries and consideration is received for relinquishing claims. The arrangement in question treated the amount paid to the outgoing partner as consideration, and the allotment of files expected to generate income was sufficient consideration for surrender of any claim to goodwill. In that setting, no separate or implied gift could be inferred in respect of the firm's movable or immovable assets or goodwill, and the assessment as a gift was not sustainable. en-us Thu, 26 Jun 1980 00:00:00 +0530 Tue, 18 Jan 2011 12:51:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62145 On dissolution of a partnership, a taxable gift does not arise where the partners' rights are adjusted through account entries and consideration is received for relinquishing claims. The arrangement in question treated the amount paid to the outgoing partner as consideration, and the allotment of files expected to generate income was sufficient consideration for surrender of any claim to goodwill. In that setting, no separate or implied gift could be inferred in respect of the firm's movable or immovable assets or goodwill, and the assessment as a gift was not sustainable. Case-Laws Income Tax Thu, 26 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62145