https://www.taxtmi.com/caselaws?id=18818 A minor admitted to the benefits of a partnership could not be treated as having surrendered a proved share in goodwill where the partnership deed or admission arrangement did not confer any such entitlement. Goodwill is partnership property subject to contract, but on the facts no contractual or enforceable right in goodwill was shown to exist in the minor's favour. In the absence of a demonstrated proprietary interest, the continuing partners' taking over of the alleged share could not be characterised as transfer of a valuable asset. The transaction was therefore not a taxable gift under the Gift-tax Act, and the issue was answered for the assessee against the Revenue. en-us Thu, 01 Jun 1995 00:00:00 +0530 Mon, 02 Nov 2009 12:08:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18818 A minor admitted to the benefits of a partnership could not be treated as having surrendered a proved share in goodwill where the partnership deed or admission arrangement did not confer any such entitlement. Goodwill is partnership property subject to contract, but on the facts no contractual or enforceable right in goodwill was shown to exist in the minor's favour. In the absence of a demonstrated proprietary interest, the continuing partners' taking over of the alleged share could not be characterised as transfer of a valuable asset. The transaction was therefore not a taxable gift under the Gift-tax Act, and the issue was answered for the assessee against the Revenue. Case-Laws Income Tax Thu, 01 Jun 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18818