9911796707
TMI Blog1980 (10) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... kha Gems having 20 per cent share, died on 11th Jan., 1978. She had retired from the firm M/s Nawlkha Gems on Dewali, 1977. She was also a partner in another firm Vineet Trading Corporation having 50 per cent share. That firm was dissolved on 29th March, 1977. Thus, her partnership came to an end in both the firms before her death. The Asstt. CED was of the opinion that the deceased had the right ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he time of her retirement from the firms. The retirement being within two years from the death of the lady, the provisions of s. 9 of the Act will be attracted and the Asstt. Contr. was justified to include the share of goodwill in the computation of the principal value of the estate." 2. This is how the Accountable Person has come up in appeal to the Tribunal. Before us, Shri Ranka, in ld. coun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecured by each group was supported by consideration, namely, giving up of its claim. He added that the deceased had given up share in the assets but had been relieved of her share in the liabilities. Similarly, the continuing partners, Shri Ranka says, had secured deceased's share in the assets but they had at the same time taken over her share of the liabilities. On these facts, Shri Ranka argues ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceased alone had given up anything in the favour of others. We quite agree with the submissions of Shri Ranka. So far as the firm M/s Nawlkha Gems is concerned, we are of the view that the case is fully covered by the decision of Bombay High Court in the case of Smt. Urmila 122 ITR 958. We have carefully gone through the deed dt. 20th Jan., 1978 which was executed by the remaining partners after ..... X X X X Extracts X X X X X X X X Extracts X X X X
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