1965 (6) TMI 3

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..... he Gift-tax Act, 1958. The assessment year concerned is 1959-60 and the questions referred to are : (1) Whether a specific transfer of goodwill is necessary to invoke the provisions of the Gift-tax Act ? (2) Whether by the transfer of the business the father had impliedly transferred the goodwill that attached to that business ? and (3) Whether the calculation of the value of the goodwill by th .....

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..... at the value of any property other than cash transferred by way of gift should be estimated to be the price which in the opinion of the Gift-tax Officer it would fetch if sold in the open market on the date on which the gift was made. According to the assessee, the value of the gift to his four children together will amount to only Rs. 88,400. What they really got by way of the gift from the asse .....

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..... mely, Rs. 1,41,304. In the light of what is stated above the questions referred have to be answered against the assessee and in favour of the department. We do so, but in the circumstances of the case without any order as to costs. A copy of this judgment under the seal of the High Court and the signature of the Registrar will be sent to the Appellate Tribunal as required by sub-section (6) of s .....

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