https://www.taxtmi.com/caselaws?id=18539 Where a business dealing in a common commodity was found on the evidence to have no goodwill, reduction of a partner's share on induction of a new partner could not be treated as a transfer by way of gift. The first appellate authority recorded that no goodwill existed and that no part of the assessee's share was transferred as a gift; the Tribunal accepted that factual finding, noting that where the material supports two views the one favourable to the assessee may be adopted. The High Court found no error in that approach and upheld the conclusion that gift-tax was not leviable. en-us Fri, 25 Aug 1995 00:00:00 +0530 Thu, 01 Oct 2009 15:24:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18539 Where a business dealing in a common commodity was found on the evidence to have no goodwill, reduction of a partner's share on induction of a new partner could not be treated as a transfer by way of gift. The first appellate authority recorded that no goodwill existed and that no part of the assessee's share was transferred as a gift; the Tribunal accepted that factual finding, noting that where the material supports two views the one favourable to the assessee may be adopted. The High Court found no error in that approach and upheld the conclusion that gift-tax was not leviable. Case-Laws Income Tax Fri, 25 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18539