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TMI Blog1981 (7) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... e which has been stated by the Income-tax Appellate Tribunal under s. 64(3) of the E.D. Act, 1953, the following two questions have been submitted to the court for its opinion : "1. Whether, on the facts and circumstances of the case, the Appellate Tribunal was justified in holding that the provisions of section 10 are not applicable in respect of the gift of Rs. 1,20,000 ? 2. Whether, on the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 40,000. The shares of the deceased and the three sons in the profits and losses of the said firm were equal, that is, four annas or 25 per cent. each. The deceased died on June 15, 1957. Out of the three sons the two respondents before us are the accountable persons. In his order of assessment to estate duty of the estate left by the deceased, the Deputy Controller of Estate Duty held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of the three-fourths share in the goodwill of the firm. So far as the first question is concerned, there is no dispute between the parties that in view of the judgment of a Division Bench of this High Court (Madon and Kania JJ.) in Khatijabai Abdulla Soomar v. CED [1980] 124 ITR 160, it must be held that the deceased was entirely excluded from the possession and enjoyment of the amounts whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtners in their own right and their shares in the goodwill of the firm could not be said to be property which passed on the death of the deceased. It may further be pointed out that at the time when the said partnership was formed the deceased was about 82 years old and he would most certainly require the time and energy of younger partners if the business were to be carried on. It was on this gro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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