https://www.taxtmi.com/caselaws?id=19914 A retiring partner's receipt of his share in partnership assets, including goodwill, does not by itself amount to a transfer of property attracting gift-tax, because the payment is treated as what he is entitled to under the partnership arrangement. The Tribunal's finding that the firm had no goodwill was treated as a factual determination, and it was not shown that relevant material was ignored or irrelevant material relied on. On that basis, the view that no taxable gift arose and that the goodwill finding required no interference was upheld in favour of the assessee. en-us Wed, 15 Feb 1989 00:00:00 +0530 Tue, 10 Nov 2009 16:12:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19914 A retiring partner's receipt of his share in partnership assets, including goodwill, does not by itself amount to a transfer of property attracting gift-tax, because the payment is treated as what he is entitled to under the partnership arrangement. The Tribunal's finding that the firm had no goodwill was treated as a factual determination, and it was not shown that relevant material was ignored or irrelevant material relied on. On that basis, the view that no taxable gift arose and that the goodwill finding required no interference was upheld in favour of the assessee. Case-Laws Income Tax Wed, 15 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19914