TMI Blog2003 (4) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... tnership 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." - - - - - Dated:- 10-4-2003 - Ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt entitlement of the said firm. The import entitlement of the said firm was subsequently sold by Mohan Gulati for Rs. 6,55,514. The Assessing Officer was of the view that the assessee had made a gift in favour of Mohan Gulati in respect of her share in the goodwill and import entitlement of the firm. He, accordingly, valued the goodwill of the firm at Rs. 1,45,72,354 on the basis of the earning ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her, after the retirement of the assessee, the firm had losses in the assessment years 1990-91 and 1991-92. He also observed that the Assessing Officer had calculated the goodwill in a mechanical manner and had failed to prove that any amount had in fact passed from the firm to the assessee. Being aggrieved, the Revenue carried the matter in further appeal to the Tribunal. Taking note of the afo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in CGT v. Chhotalal Mohanlal [1987] 166 ITR 124. On the other hand, Mr. Krishan Mahajan, while supporting the order passed by the Tribunal, has urged that the issue raised by the Revenue has since been settled by the apex court in CGT v. T.M. Louiz [2000] 245 ITR 831 and, therefore, the order of the Tribunal does not involve any substantial question of law. We find substance in the subm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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