9911796707
TMI Blog1987 (8) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... referred to us for our opinion is as follows : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that there had been no disposition made by the deceased in favour of a relative when he retired from the partnership and the provisions of section 9 read with section 27 were not attracted ?" In this reference, we are concerned with the est ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of an accountable person. In this reference, we are concerned only with regard to the disposition of the goodwill of the firm and whether estate duty could be. levied thereon. We need not, therefore, go into the various contentions advanced before the estate duty authorities. In this reference, we are only concerned with whether the share of the deceased in the goodwill of the firm could be added ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g counsel, we are of the view that the Tribunal was justified in the view that it took. The partnership agreement between the original partners is annexure X to the statement of facts. Clause 10 of the agreement reads as follows : " 10. That any partner may retire from the partnership after giving three months' notice and in that case the partnership business shall not be closed and the goodwil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive when he retired from the partnership and the provisions of section 9 read with section 27 of the Act were not attracted. The reference is thus answered in favour of the assessee and against the Revenue. However, there will be no order as to costs. Let a copy of this judgment be transmitted to the Assistant Registrar, Income-tax Appellate Tribunal, Patna. - - TaxTMI - TMITax - Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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