TMI Blog1979 (12) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... by the ITO, also that on the facts and in the circumstances of the case, the AAC ought to have given effect to his finding that it was necessary to send back the case to the GTO to re determine the value of surrender of profits for quantifying the gift on the basis of Iyyanadar's decision. The assessee has taken the ground that the ld. AAC ought to have held that the surrender of partnership inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enefits of partnership only. The GTO issued notices under s. 16(1)(A) of the GT Act, the assessee filed a return declaring the gift at Rs. 'Nil'. The GTO was of the opinion that the minors were entitled to the asset-goodwill, which the GTO evaluated on the basis of the three year's purchase of 5 years' profit. The taxable gift in the case of the assessee in terms of deemed gift was worked out ITO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the submissions made before us as also to the facts of the case. We have perused carefully the orders of the lower authorities. 8. The firm as was constituted by the assessee and the deceased Smt. Shakuntalaben Hargovandas, came to an end with the death of the latter on 12th Oct., 1970. The assessee on the happening of that event became a sole proprietor. The GTO has evaluated the goodwill o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the benefits of the partnership, he did not carry with him any right by way of partnership in the firm, hence no goodwill and accordingly in could not be subjected to any gift-tax. 10. Under s. 2(D) of the said Indian Partnership Act, 1932 a "third party" has been defined and used; in relation to a firm or to a partner therein, meaning any person who is not a partner in the firm. The minor not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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