TMI Blog1979 (3) TMI 189X X X X Extracts X X X X X X X X Extracts X X X X ..... e following question of law to this Court for its opinion: "Whether the assessee-firm who had purchased timber at a concessional rate of tax on furnishing a declaration in form XII-A is liable to a penalty under section 8(2) of the M.P. General Sales Tax Act, 1958, by the transfer of such timber without payment of any further tax to a partner who retired from the firm and started his own separat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imber assessed under a concessional rate in accordance with section 8(1) of the Act was utilised by the assessee for a purpose other than that specified in form XII-A submitted by the assessee. On appeal, the order imposing the penalty was upheld by the appellate authority. On second appeal, the Board held that the goods received by a retiring partner as a result of division of assets amongst the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the rights of the partners does not amount to transfer of assets. In Commissioner of Income-tax, U.P. v. Bankey Lal Vaidya[1971] 79 I.T.R. 594 (S.C.); A.I.R. 1971 S.C. 2270. , the Supreme Court observed that when the rights of the parties were adjusted by handing over to one of the partners the entire assets and to the other partner the money-value of his share, such a transaction was not a s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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