https://www.taxtmi.com/caselaws?id=37613 A partner's son was inducted into the firm as part of a bona fide reconstitution to meet business needs, and the partnership deed showed equal rights in goodwill and tenancy rights among the partners. On those facts, the admission was not treated as a transfer of goodwill without consideration, so no gift of any portion of the goodwill arose for estate-duty purposes. The alleged value of the son's share in goodwill was therefore not includible in the estate, and the reference was answered in favour of the accountable person. en-us Thu, 17 Aug 1978 00:00:00 +0530 Wed, 31 Mar 2010 10:14:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37613 A partner's son was inducted into the firm as part of a bona fide reconstitution to meet business needs, and the partnership deed showed equal rights in goodwill and tenancy rights among the partners. On those facts, the admission was not treated as a transfer of goodwill without consideration, so no gift of any portion of the goodwill arose for estate-duty purposes. The alleged value of the son's share in goodwill was therefore not includible in the estate, and the reference was answered in favour of the accountable person. Case-Laws Income Tax Thu, 17 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37613