1965 (6) TMI 3

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....ras Bench, under section 26(1) of the Gift-tax Act, 1958. The assessment year concerned is 1959-60 and the questions referred to are : (1) Whether a specific transfer of goodwill is necessary to invoke the provisions of the Gift-tax Act ? (2) Whether by the transfer of the business the father had impliedly transferred the goodwill that attached to that business ? and (3) Whether the calcu....

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.... 6 of the Gift-tax Act, 1958, which provides that the value of any property other than cash transferred by way of gift should be estimated to be the price which in the opinion of the Gift-tax Officer it would fetch if sold in the open market on the date on which the gift was made. According to the assessee, the value of the gift to his four children together will amount to only Rs. 88,400. What....