1986 (10) TMI 19

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nafter referred to as " the Act "), the Income-tax Appellate Tribunal, Jabalpur (Bench Jabalpur), has referred the following question of law to this court for its opinion : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that there was no taxable gift for the assessment year 1972-73 when the assessee entered into partnership and co .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rebate reserve and the goodwill. The Gift-tax Officer accordingly valued the taxable gift of development rebate reserve at Rs. 15,952 and of goodwill at Rs. 92,500. Aggrieved by the order passed by the Gift-tax Officer, the assessee preferred an appeal before the Appellate Assistant Commissioner which was allowed. The second appeal preferred by the Revenue before the Tribunal was dismissed. Hence .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d the finding given by the Appellate Assistant Commissioner that there was no element of gift when the assessee entered into partnership with Shri Siddharth Kumar Patel and converted his proprietary business into partnership. This finding is based on the material on record that the incoming partner had agreed to invest Rs. 2,50,000 as capital and had also agreed to look after and manage the busine .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X