https://www.taxtmi.com/caselaws?id=60807 A partner's retirement by mutual consent, followed by receipt of only the capital standing to his credit, does not by itself create a taxable gift. The retiring partner had no fixed proprietary right in any specific partnership asset or future profit, and the later reconstitution of the firm with other partners on their own capital contributions did not show any transfer of the retiring partner's right, title or interest. On those facts, the transaction was not a transfer of property giving rise to gift-tax, and the addition made by the appellate authority was unsustainable. en-us Mon, 14 Feb 1983 00:00:00 +0530 Sat, 08 Jan 2011 11:36:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60807 A partner's retirement by mutual consent, followed by receipt of only the capital standing to his credit, does not by itself create a taxable gift. The retiring partner had no fixed proprietary right in any specific partnership asset or future profit, and the later reconstitution of the firm with other partners on their own capital contributions did not show any transfer of the retiring partner's right, title or interest. On those facts, the transaction was not a transfer of property giving rise to gift-tax, and the addition made by the appellate authority was unsustainable. Case-Laws Income Tax Mon, 14 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60807