https://www.taxtmi.com/caselaws?id=71725 A retiring partner's share in a firm's goodwill was treated as supported by mutual consideration where the continuing partners took over the business and its liabilities. The transfer of the outgoing partner's rights in partnership assets, including goodwill, was not a unilateral relinquishment of property without consideration. On that basis, the share in goodwill was not regarded as a deemed gift or taxable disposition, and the addition made on that footing was deleted. en-us Fri, 16 May 1980 00:00:00 +0530 Tue, 26 Apr 2011 17:35:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71725 A retiring partner's share in a firm's goodwill was treated as supported by mutual consideration where the continuing partners took over the business and its liabilities. The transfer of the outgoing partner's rights in partnership assets, including goodwill, was not a unilateral relinquishment of property without consideration. On that basis, the share in goodwill was not regarded as a deemed gift or taxable disposition, and the addition made on that footing was deleted. Case-Laws Income Tax Fri, 16 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71725