9911796707
TMI Blog1983 (3) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... was a partner, belonged only to the deceased and passed on his death ? (3) Whether, on the facts and in the circumstances of the case, in arriving at the super profits of the firm in computing the value of its goodwill, income-tax payable or paid should be excluded ? " The facts which have given rise to these questions are the following. One Gulam Moideen died on September 2, 1972. He was a partner of the firm, M/s. Pulavar Shoe Mart. This firm was constituted under a deed of partnership which is annex. A in the case. It was carrying on the business of manufacture and sale of aluminium vessels. Besides Gulam Moideen, there were two other partners, they being his brother and son. They were only working partners who brought in no capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This contention was also not accepted. The matter was taken to the Tribunal and the Tribunal found that the reopening had been made on the basis of the audit note which was proper and upheld the reopening. It is from these facts that the questions referred had arisen. The main question that we are called upon to answer in this case concerns the reopening of the assessment on the basis of information furnished by the audit objection. If what was supplied by the audit party was merely information and the assessing authority treated it as such information and proceeded to assess, there will be no objection to such a course. If, on the other hand, the audit party expressed view on the materials and the assessing authority adopting that view d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the subject-matter of question No. 1 in the light of the decision. We, therefore, think that, in the circumstances of the case, it calls for an answer by the Tribunal itself. Questions Nos. 2 and 3 depend to a large extent upon question No. 1, in the sense that if question No. 1 is answered against the Revenue, other questions would not call for answers. Independently, questions Nos. 2 and 3 also are required to be considered by the Tribunal itself, for reference has been made to clause 15 of the agreement in the order but in effect cl. 14 in the context of the plea also calls for consideration. Whether cl. 15 would be attracted to a circumstance such as that in this case also is matter which the Tribunal has necessarily to consider. H ..... X X X X Extracts X X X X X X X X Extracts X X X X
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