https://www.taxtmi.com/caselaws?id=27843 A partner's transferable interest in a firm extends to the firm's assets as a whole, and goodwill is treated as part of that asset base under the Partnership Act. On that footing, when a partner transfers his partnership interest, the transferee receives that interest in the assets including goodwill unless the partnership contract excludes it. Applying this principle, the assessee's one-third share in the goodwill was included in the value of the gifted property and was liable to gift-tax, so the reference was answered against the assessee and in favour of the Revenue. en-us Fri, 24 Feb 1984 00:00:00 +0530 Tue, 16 Feb 2010 13:35:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27843 A partner's transferable interest in a firm extends to the firm's assets as a whole, and goodwill is treated as part of that asset base under the Partnership Act. On that footing, when a partner transfers his partnership interest, the transferee receives that interest in the assets including goodwill unless the partnership contract excludes it. Applying this principle, the assessee's one-third share in the goodwill was included in the value of the gifted property and was liable to gift-tax, so the reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Fri, 24 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27843