https://www.taxtmi.com/caselaws?id=59746 A retiring partner is not treated as transferring a specific asset of the firm, because during the continuance of a partnership a partner has no assignable right in any particular firm property, including goodwill, but only a right to profits and, on dissolution, to a share in surplus assets after liabilities. On the facts, the firm had not been dissolved when the assessee retired, so the retirement payment against capital and current account could not be isolated as a relinquishment of goodwill without consideration. No gift arose on retirement, and the gift-tax assessment was not sustainable. en-us Fri, 08 May 1987 00:00:00 +0530 Fri, 31 Dec 2010 18:40:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59746 A retiring partner is not treated as transferring a specific asset of the firm, because during the continuance of a partnership a partner has no assignable right in any particular firm property, including goodwill, but only a right to profits and, on dissolution, to a share in surplus assets after liabilities. On the facts, the firm had not been dissolved when the assessee retired, so the retirement payment against capital and current account could not be isolated as a relinquishment of goodwill without consideration. No gift arose on retirement, and the gift-tax assessment was not sustainable. Case-Laws Income Tax Fri, 08 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59746