https://www.taxtmi.com/caselaws?id=11492 Reduction of an assessee's partnership share on reconstitution was held to attract gift-tax where the firm was found to possess goodwill. Goodwill was treated as the commercial advantage arising from reputation, customer connection, and the continued ability to secure business, and the Tribunal's finding that the transport firm had such goodwill was treated as a finding of fact. In advisory jurisdiction, that factual finding was not disturbed because no perversity or lack of evidence was shown. The surrender of 30% share was therefore taxable as a gift, and the reference was answered in favour of the Revenue. en-us Tue, 19 Nov 2002 00:00:00 +0530 Tue, 11 Aug 2009 08:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11492 Reduction of an assessee's partnership share on reconstitution was held to attract gift-tax where the firm was found to possess goodwill. Goodwill was treated as the commercial advantage arising from reputation, customer connection, and the continued ability to secure business, and the Tribunal's finding that the transport firm had such goodwill was treated as a finding of fact. In advisory jurisdiction, that factual finding was not disturbed because no perversity or lack of evidence was shown. The surrender of 30% share was therefore taxable as a gift, and the reference was answered in favour of the Revenue. Case-Laws Income Tax Tue, 19 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11492