https://www.taxtmi.com/caselaws?id=27755 A retiring partner's entitlement to goodwill was treated as property rights under the partnership arrangement, and in the absence of any clause excluding that entitlement, giving up the share without consideration amounted to relinquishment. The concept of "disposition" was applied in its extended sense to include parting with a property right, and the extinguishment of the retiring partner's interest in favour of the continuing partners was treated as a gift. Because the share in goodwill was surrendered without consideration, the transaction attracted section 9 of the Estate Duty Act, 1953. en-us Mon, 25 Jul 1983 00:00:00 +0530 Mon, 15 Feb 2010 18:16:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27755 A retiring partner's entitlement to goodwill was treated as property rights under the partnership arrangement, and in the absence of any clause excluding that entitlement, giving up the share without consideration amounted to relinquishment. The concept of "disposition" was applied in its extended sense to include parting with a property right, and the extinguishment of the retiring partner's interest in favour of the continuing partners was treated as a gift. Because the share in goodwill was surrendered without consideration, the transaction attracted section 9 of the Estate Duty Act, 1953. Case-Laws Income Tax Mon, 25 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27755