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TMI Blog1983 (7) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances of the case, the assessee who is a partner in the firm of M/s Bharat Ginning Oil Mills is entitled to exemption in respect of the value of her interest in the assets forming part of an industrial undertaking belonging to the firm. For determination of this issue, the relevant facts available to us are as under: Miss Shsuma Gupta is partner in the firm of M/s Bharat Ginning O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. It is to be noted that the exemption granted by the legislature u/s 5(1)(xxxii) is with regard to the value of the interest of the assessee in the assets forming part of an industrial undertaking belonging to a firm etc. The value has to be determined in the prescribed manner and it will not be available with regard to land or buildings or any rights in any land or buildings or any assets re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axing Act, one has to look merely at what is clearly said there is o equity about a tax. There is no presumption as to a tax. Nothing is to be read in, nothing is to be implied. One can only look fairly at the language used." 4. It we examine the action of the authorities below in the light of this rule of construction laid down by the highest court o therefore, his land we find that the WTO as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ormation of partnership. Thus, business is one of the essential elements in the constitution of partnership. The term 'business' is of a large an indefinite import and has to be understood in a practical sense. Industrial company he case before us, admittedly, there was a firm carrying on business under the name and style of M/s Bharat Ginning Oil Mills. Due to the difference amongst the partner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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