1995 (8) TMI 15

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..... 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 change in the constitution of the fir .....

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..... efore, 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 question of a business having goodwi .....

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..... llate 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 appellate court has found that si .....

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