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TMI Blog1989 (2) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing two questions of law for the decision of this court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and fact in holding that 'the firm had no goodwill' and is not the order of the Tribunal vitiated also for non-consideration of relevant 'tests' and materials ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ingly, the Gift-tax Officer made a gift-tax assessment and brought the value of the assessee's share to gift-tax, including the value of the assessee's share of goodwill, and he computed the taxable gift at Rs. 2,04,580. In appeal, the Appellate Assistant Commissioner cancelled the said assessment. The Appellate Tribunal concurred with the Appellate Assistant Commissioner and held that what the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ai [1973] 91 ITR 393. The court held that no transfer is involved when a retiring partner takes his share in the partnership including goodwill. In that case, the question was whether there was any capital gains. The question was answered in the negative. The above decision of the Gujarat High Court was affirmed by the Supreme Court in Addl. CIT v. Mohanbhai Pamabhai [1987] 165 ITR 166. In the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is not open to any objection. The order of the Appellate Tribunal is justified in law. We answer question No. 1 in the affirmative, against the Revenue and in favour of the assessee. We answer question No. 2 in the affirmative, against the Revenue and in favour of the assessee. A copy of this judgment, under the seal of this court and the signature of the Registrar, may be forwarded to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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