https://www.taxtmi.com/caselaws?id=67748 Retirement from a partnership supported by reciprocal consideration, including the continuing partners' assumption of liabilities, is not a gift for estate duty purposes. Where the deceased partner gave up rights in firm assets but the other partners took over her share of liabilities, the arrangement lacked the unilateral transfer needed to invoke section 9 of the Estate Duty Act, 1953. Likewise, on dissolution where all partners equally assumed their respective shares in assets and liabilities, no gift in favour of others arose. On these facts, the deceased's share in goodwill was not deemed to pass on death and could not be included in the principal value of the estate. en-us Tue, 21 Oct 1980 00:00:00 +0530 Mon, 14 Mar 2011 13:12:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67748 Retirement from a partnership supported by reciprocal consideration, including the continuing partners' assumption of liabilities, is not a gift for estate duty purposes. Where the deceased partner gave up rights in firm assets but the other partners took over her share of liabilities, the arrangement lacked the unilateral transfer needed to invoke section 9 of the Estate Duty Act, 1953. Likewise, on dissolution where all partners equally assumed their respective shares in assets and liabilities, no gift in favour of others arose. On these facts, the deceased's share in goodwill was not deemed to pass on death and could not be included in the principal value of the estate. Case-Laws Income Tax Tue, 21 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67748