https://www.taxtmi.com/caselaws?id=23157 Where a partner retires from a firm after his accounts have been settled and the dues paid, he has no subsisting enforceable right in the future profits of the reconstituted firm. On those facts, the retirement does not amount to relinquishment of property capable of being treated as a transfer or deemed gift, so no taxable gift arises. The Madras HC upheld the Tribunal's view that, once no further claim remains against the firm, the assessee cannot be said to have given up any existing right liable to gift-tax. en-us Mon, 19 Feb 1990 00:00:00 +0530 Thu, 17 Dec 2009 11:32:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23157 Where a partner retires from a firm after his accounts have been settled and the dues paid, he has no subsisting enforceable right in the future profits of the reconstituted firm. On those facts, the retirement does not amount to relinquishment of property capable of being treated as a transfer or deemed gift, so no taxable gift arises. The Madras HC upheld the Tribunal's view that, once no further claim remains against the firm, the assessee cannot be said to have given up any existing right liable to gift-tax. Case-Laws Income Tax Mon, 19 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23157