https://www.taxtmi.com/caselaws?id=20608 A minor admitted only to the benefits of partnership does not automatically acquire a share in the firm's goodwill on reconstitution; that entitlement depends on the partnership deed and the terms of admission. Goodwill is a firm asset, but the assessing authority must establish a contractual or legal basis before treating exclusion of minors as a taxable transfer. On the facts stated, the authority relied on assumptions without examining the relevant agreement, so the proposed gift-tax treatment was not sustainable. en-us Fri, 18 Jun 1993 00:00:00 +0530 Mon, 16 Nov 2009 11:04:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20608 A minor admitted only to the benefits of partnership does not automatically acquire a share in the firm's goodwill on reconstitution; that entitlement depends on the partnership deed and the terms of admission. Goodwill is a firm asset, but the assessing authority must establish a contractual or legal basis before treating exclusion of minors as a taxable transfer. On the facts stated, the authority relied on assumptions without examining the relevant agreement, so the proposed gift-tax treatment was not sustainable. Case-Laws Income Tax Fri, 18 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20608