https://www.taxtmi.com/caselaws?id=8824 Transfer of goodwill to partnerships during business reorganisation was exempt from gift-tax under section 5(1)(xiv) because the exemption applies only where the gift is made in the course of carrying on a business, profession or vocation and is proved bona fide for that purpose. A mere conversion of a proprietary concern into a partnership is not enough by itself. On the facts, the businesses had expanded beyond the assessee's individual management, and the partnerships were formed so his brothers could run them efficiently and ensure their continuance and advancement. The transfer was therefore integrally connected with the businesses and satisfied the statutory conditions for exemption. en-us Wed, 12 Jul 1972 00:00:00 +0530 Thu, 04 Jun 2009 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8824 Transfer of goodwill to partnerships during business reorganisation was exempt from gift-tax under section 5(1)(xiv) because the exemption applies only where the gift is made in the course of carrying on a business, profession or vocation and is proved bona fide for that purpose. A mere conversion of a proprietary concern into a partnership is not enough by itself. On the facts, the businesses had expanded beyond the assessee's individual management, and the partnerships were formed so his brothers could run them efficiently and ensure their continuance and advancement. The transfer was therefore integrally connected with the businesses and satisfied the statutory conditions for exemption. Case-Laws Income Tax Wed, 12 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8824