https://www.taxtmi.com/caselaws?id=55821 A minor admitted only to the benefits of partnership does not acquire partnership rights or an interest in the firm's goodwill, so no transfer of property arises for gift-tax purposes. The revenue's valuation based on goodwill of a partnership that had already ended on the death of a partner was unsustainable because the business had ceased in that form and the assessee had become sole proprietor. On that footing, the surrender of partnership interest and the admission of minors to benefits of partnership did not constitute a taxable gift, and the gift-tax basis failed. en-us Fri, 28 Dec 1979 00:00:00 +0530 Mon, 23 Jan 2012 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55821 A minor admitted only to the benefits of partnership does not acquire partnership rights or an interest in the firm's goodwill, so no transfer of property arises for gift-tax purposes. The revenue's valuation based on goodwill of a partnership that had already ended on the death of a partner was unsustainable because the business had ceased in that form and the assessee had become sole proprietor. On that footing, the surrender of partnership interest and the admission of minors to benefits of partnership did not constitute a taxable gift, and the gift-tax basis failed. Case-Laws Income Tax Fri, 28 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55821