https://www.taxtmi.com/caselaws?id=24329 Retirement from a partnership firm, followed by admission of the partner's wife and daughter-in-law only with the consent of the remaining partners, was not shown to involve any transferable contractual right in the retiring partner. In the absence of proof that he could nominate a successor or assign his partnership interest, no relinquishment or transfer by him could be inferred. On those facts, the retirement did not amount to a taxable gift, and valuation of goodwill was not attracted. The issue was therefore decided in favour of the assessee and against the Revenue. en-us Fri, 03 Mar 1989 00:00:00 +0530 Tue, 19 Jan 2010 12:52:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24329 Retirement from a partnership firm, followed by admission of the partner's wife and daughter-in-law only with the consent of the remaining partners, was not shown to involve any transferable contractual right in the retiring partner. In the absence of proof that he could nominate a successor or assign his partnership interest, no relinquishment or transfer by him could be inferred. On those facts, the retirement did not amount to a taxable gift, and valuation of goodwill was not attracted. The issue was therefore decided in favour of the assessee and against the Revenue. Case-Laws Income Tax Fri, 03 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24329