https://www.taxtmi.com/caselaws?id=69962 Admission of incoming partners was held not to create a taxable gift where they contributed capital, one undertook to render services and bear future losses, and the contribution was not shown to be illusory. On those facts, the relinquishment of a share in the firm's goodwill was supported by consideration and was not a voluntary, gratuitous transfer. The transfer of an interest in the firm therefore did not attract gift-tax under the Gift-tax Act, 1958, and the assessee succeeded on the issue. en-us Mon, 28 May 1984 00:00:00 +0530 Wed, 13 Apr 2011 11:10:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69962 Admission of incoming partners was held not to create a taxable gift where they contributed capital, one undertook to render services and bear future losses, and the contribution was not shown to be illusory. On those facts, the relinquishment of a share in the firm's goodwill was supported by consideration and was not a voluntary, gratuitous transfer. The transfer of an interest in the firm therefore did not attract gift-tax under the Gift-tax Act, 1958, and the assessee succeeded on the issue. Case-Laws Income Tax Mon, 28 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69962