https://www.taxtmi.com/caselaws?id=69314 A retiring partner's share in a firm's development rebate reserve could not be brought to tax in reassessment where the firm's net worth was valued under an agreement among all partners at retirement and the reserve had already been taken into account in the settlement. The record showed that the reserve was not treated as a liability to be deducted in computing net assets, the partner's share was properly ascertained and paid off, and there was no material to show a relinquishment of that share. The Department's additional ground also lacked any finding in the lower proceedings, so the proposed addition was not justified. en-us Mon, 30 Jul 1979 00:00:00 +0530 Wed, 06 Apr 2011 11:52:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69314 A retiring partner's share in a firm's development rebate reserve could not be brought to tax in reassessment where the firm's net worth was valued under an agreement among all partners at retirement and the reserve had already been taken into account in the settlement. The record showed that the reserve was not treated as a liability to be deducted in computing net assets, the partner's share was properly ascertained and paid off, and there was no material to show a relinquishment of that share. The Department's additional ground also lacked any finding in the lower proceedings, so the proposed addition was not justified. Case-Laws Income Tax Mon, 30 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69314