2011 (1) TMI 1194

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..... enging the order passed by the Tribunal which held that the retiring partner gets the value of his share in the partnership assets less his liabilities at the time of his retirement. Assuming that the retiring partner received less than what was his due itself was something that he had transferred to the continuing partners within the meaning of Transfer of Property for purposes of Gift Tax Act, 1 .....

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..... x Court in the case of CGT v. T.M. Louiz [2000] 245 ITR 831/112 Taxman 622 has categorical held that, when a partner retire from the partnership the partnership continues, assets and goodwill of the firm continue to remain the assets and goodwill of the firm. All that retiring partner gets is the value of his share in the partnership assets less its liabilities. It cannot in such circumstances, be .....

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