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TMI Blog1979 (7) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... as completed on 16th May, 1975. Late Shri T. Ramaswamy Naicker was a partner in the from of M/S. Jayajothi & Co., Rajapalayam, having 1/5th share. He retired firm the firm from 1st April 1973. Later his son was taken in as a partner. The GTO noticed that in the original assessment the share of the partner in the development rebate reserve appearing in the books of the firm was not taken into consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hed his share in the development rebate reserve to the extent of Rs. 93,904. The learned counsel on the other hand supported the order of the AAC. Referring to Annexure-A to the Appellate order, it was pointed out that the net assets of the firm has been properly valued and the partner's share ascertained and paid off. The development rebate reserve has not been taken as a liability. It was also s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e subject matter of any decision by the AAC. The Annexure, clearly indicates that it was an agreement by all the partners and in view of this the ground taken by the Department has no merit. No attempt has been made to verify the claim of such of those liabilities by reference to other partners. In view of our finding that the development rebate reserve has been taken into consideration, there is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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