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2003 (4) TMI 5 - HC - Income TaxGift Tax Act, 1958 - Retirement of Partner - "When a partner retires from a partnership, the partnership continues. The assets and the goodwill of the firm continue to remain the assets and the goodwill of the firm. All that the retiring partner gets is the value of his share in the partnership assets less its liabilities. It cannot, in such circumstances, be held, assuming that the retiring partner received less than what was his due, that the difference was something that he had transferred to the continuing partners within the meaning of 'transfer' of property for the purposes of the Gift-tax Act or that there was a gift liable to gift-tax."
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