https://www.taxtmi.com/caselaws?id=37039 Amounts received by a retiring partner as his share in the partnership assets, including goodwill, were held not to amount to a transfer of a capital asset for capital gains tax purposes. The court reasoned that a retiring partner who merely takes out his existing share in the firm's assets does not effect a sale, exchange, relinquishment, or extinguishment of rights within the meaning of the transfer definition. The clarification relating to dissolution was treated as applicable by analogy to retirement on the facts considered, so section 45 could not be invoked and the receipt was not chargeable to capital gains tax. en-us Wed, 05 Sep 1979 00:00:00 +0530 Fri, 26 Mar 2010 11:08:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37039 Amounts received by a retiring partner as his share in the partnership assets, including goodwill, were held not to amount to a transfer of a capital asset for capital gains tax purposes. The court reasoned that a retiring partner who merely takes out his existing share in the firm's assets does not effect a sale, exchange, relinquishment, or extinguishment of rights within the meaning of the transfer definition. The clarification relating to dissolution was treated as applicable by analogy to retirement on the facts considered, so section 45 could not be invoked and the receipt was not chargeable to capital gains tax. Case-Laws Income Tax Wed, 05 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37039