1995 (8) TMI 15

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.... of the Revenue against the order dated February 21, 1984 (annexure "C"), of the Income-tax Appellate Tribunal, Jabalpur, though, the Tribunal has observed that the question of law does not arise. The facts giving rise to this appeal are that the respondent/assessee had 60 per cent. share in the firm, Indira Glass Emporium, Jabalpur, and other partners had 40 per cent. share therein. During the....

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.... question of gift having been given by the assessee does not arise. He, therefore, allowed the appeal of the assessee, by order dated May 13, 1982. Aggrieved against the order of the Assistant Commissioner of Gift-tax, the Revenue filed an appeal before the Income-tax Appellate Tribunal, Jabalpur, and a cross-objection was also filed by the assessee. The Tribunal observed that there was a diver....

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....rd both learned counsel. It is true that the reasons given by the first appellate court that since the assessee was dealing in glass-sheets and was not dealing any distinguishable article ; therefore, there was no goodwill. It is true that it is a very wide proposition and it cannot be accepted as a sweeping proposition applicable to all trades. It depends upon trade to trade how much of goodwi....