https://www.taxtmi.com/caselaws?id=20227 Section 4(1)(c) of the Gift-tax Act, 1958 focuses on surrender of an existing interest in property at the time of retirement, not on any supposed right to future profits. The High Court held that a retiring partner may still have an existing interest in the firm's assets, including goodwill, and that such interest can fall within the deeming provision if the surrender is not shown to be bona fide. The Tribunal erred by restricting its inquiry to future profits and by ignoring whether goodwill existed and whether the alleged surrender was genuine. The matter was remitted for fresh consideration on the relevant facts. en-us Thu, 28 Oct 1993 00:00:00 +0530 Thu, 12 Nov 2009 15:36:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20227 Section 4(1)(c) of the Gift-tax Act, 1958 focuses on surrender of an existing interest in property at the time of retirement, not on any supposed right to future profits. The High Court held that a retiring partner may still have an existing interest in the firm's assets, including goodwill, and that such interest can fall within the deeming provision if the surrender is not shown to be bona fide. The Tribunal erred by restricting its inquiry to future profits and by ignoring whether goodwill existed and whether the alleged surrender was genuine. The matter was remitted for fresh consideration on the relevant facts. Case-Laws Income Tax Thu, 28 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20227