https://www.taxtmi.com/caselaws?id=19912 Retirement of a partner from a firm was held to be only a readjustment of rights in the partnership assets between the retiring and continuing partners. Because there was no relinquishment or transfer of property, the retirement did not amount to a gift, and no gift-tax was chargeable. The Court also followed its earlier view that no goodwill capable of being gifted arose in such a transaction. en-us Tue, 09 Mar 1993 00:00:00 +0530 Tue, 10 Nov 2009 15:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19912 Retirement of a partner from a firm was held to be only a readjustment of rights in the partnership assets between the retiring and continuing partners. Because there was no relinquishment or transfer of property, the retirement did not amount to a gift, and no gift-tax was chargeable. The Court also followed its earlier view that no goodwill capable of being gifted arose in such a transaction. Case-Laws Income Tax Tue, 09 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19912