9911796707
TMI Blog2004 (9) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... arty? - As in the present case, the report of the internal audit party on a question of law was the basis, the same did not constitute information so as to clothe the Gift-tax Officer with any jurisdiction to initiate proceedings under section 16(1) of the Act – Thus, we answer the question referred to us in the negative, i.e., in favour of the assessee and against the Revenue. - - - - - Dated:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mber 30, 1974?" Briefly stated the facts giving rise to the present reference are as follows: The present reference relates to the assessment year 1976-77. The deceased late Nabi Shah was a partner in the firm, M/s. Amjad Ali and Co. During the assessment year 1976-77, he retired from the said firm. He did not charge anything for his share of goodwill. The Gift-tax Officer, Rampur, on the basi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal and cancelled the assessment. The Revenue's appeal before the Tribunal has failed. We have heard Shri A.N. Mahajan, for the Revenue. Nobody has put in appearance on behalf of the respondent-assessee. It is not in dispute that the assessment proceedings under section 16(1) of the Act had been initiated by the Gift-tax Officer on the basis of the internal audit report that there has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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