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TMI Blog1977 (1) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... a question of law said to arise out of the order of the Tribunal, dt. 10th March, 1976 in ITA. No 842 (Bom)/75-56 to the High Court of Judicature at Bombay. Inasmuch as, in our opinion, no referable question of law arises out of the aforesaid order of the Tribunal, we hereby decline to draw up a statement of the case, as prayed and to refer the same to the Hon'ble High Court. 2. The assessee to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 9th April, 1970, the assessee retired from the said firm also. He was paid, besides other amount standing to his capital account, a sum of Rs. 14,000 representing the value of his share in the goodwill of that firm and its various assets. The other partners of the said firm came to constitute the said partnership business, which was also carried on in the old name and style of Maharashtra Indus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e brought the matter by way of appeal before the Tribunal. It after hearing both the Departmental Representative and the representative for the assessee, following the aforesaid High Court decisions and earlier decisions referred to in paragraph and its order, has upheld the order of the AAC on the point. 5. According to the Commissioner IT; the following question of an arises out of the afores ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pressed. From this their Lordships of the Karnataka High Court drew the inference that it (the Department) had accepted the ratio of the decision in Ratnam Nadar's(1) case as laying down the correct law more so when it had not preferred appeals against the aforesaid judgements of the Calcutta and Kerala High Courts. That being the position, the question proposed by the Revenue, in view of the afor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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