1996 (1) TMI 122

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....references have been made at the instance of the Revenue. For convenient disposal of these references, the facts given in M. C. C. No. 274 of 1987 are taken into consideration. The assessee was the partner of Jawanmal Anraj, Raipur, with 40 per cent. share of the profit. As a result of reconstitution of the partnership deed dated November 6, 1973, her share in the profit was reduced to 30 per cen....

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....the case, the Appellate Tribunal was right in law in holding that the assessee was not liable to pay gift-tax ? " We have heard learned counsel for the parties and perused the record. The Tribunal while disposing of this matter, has relied on the decision of this court in the case of Manaklal Motilal Agrawal v. CGT [1984] 147 ITR 670, and their Lordships have held that : " The determination of....

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....o the benefits of partnership." The Tribunal also held that " in the present case, there is absolutely no material to hold that the value of the assets of the earlier firm including the goodwill exceeded the total liability of the earlier firm. As far as the present case is concerned, one of the conditions laid down in this decision is satisfied, namely, the incoming partners including the minor ....