1995 (8) TMI 15

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..... ted February 21, 1984 (annexure "C"), of the Income-tax Appellate Tribunal, Jabalpur, though, the Tribunal has observed that the question of law does not arise. The facts giving rise to this appeal are that the respondent/assessee had 60 per cent. share in the firm, Indira Glass Emporium, Jabalpur, and other partners had 40 per cent. share therein. During the assessment year 1977-78, there was a .....

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..... he assessee does not arise. He, therefore, allowed the appeal of the assessee, by order dated May 13, 1982. Aggrieved against the order of the Assistant Commissioner of Gift-tax, the Revenue filed an appeal before the Income-tax Appellate Tribunal, Jabalpur, and a cross-objection was also filed by the assessee. The Tribunal observed that there was a divergence of views of the High Courts on the q .....

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..... reasons given by the first appellate court that since the assessee was dealing in glass-sheets and was not dealing any distinguishable article ; therefore, there was no goodwill. It is true that it is a very wide proposition and it cannot be accepted as a sweeping proposition applicable to all trades. It depends upon trade to trade how much of goodwill that firm has in the market. But the first a .....

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