https://www.taxtmi.com/caselaws?id=68311 Retirement of partners after settlement of capital and credit balances did not, on the facts, amount to a gift or deemed gift under the Gift-tax Act. The deciding point was that once the retiring partners received all amounts due to them, they had no subsisting right to future profits to relinquish, and the deeds did not confer any entitlement to goodwill. The firms were at will, and the record did not establish any taxable transfer of interest in goodwill or other property. Gift-tax was therefore not leviable. en-us Fri, 30 Jun 2000 00:00:00 +0530 Tue, 29 Mar 2011 11:39:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68311 Retirement of partners after settlement of capital and credit balances did not, on the facts, amount to a gift or deemed gift under the Gift-tax Act. The deciding point was that once the retiring partners received all amounts due to them, they had no subsisting right to future profits to relinquish, and the deeds did not confer any entitlement to goodwill. The firms were at will, and the record did not establish any taxable transfer of interest in goodwill or other property. Gift-tax was therefore not leviable. Case-Laws Income Tax Fri, 30 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68311