1995 (6) TMI 9

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... The Tribunal has referred the following question for this court's opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in confirming the order of the Appellate Assistant Commissioner of Gift-tax cancelling the gift-tax assessment on the ground that there was no gift from the minor admitted to the benefits of the partnership in favour of the continu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... that the minor was not a contracting partner and had been admitted only to the benefits thereof. The Appellate Assistant Commissioner held that gift-tax was not attracted to the case of the assessee. The Revenue took up the matter before the Appellate Tribunal against the order of the Appellate Assistant Commissioner, Placing reliance, on the judgment of the Supreme Court in CGT v. Chhotalal Moha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Income-tax Department, and Mr. A. R. Banerjee, learned counsel for the respondent. This is a case which is fully covered by the decision in CGT v. Pranay Kumar Saharia [1993] 204 ITR 78 (Gauhati). Dealing with the question of rights of minor admitted to the benefits of partnership, this court, following the decisions of the Supreme Court in Khushal Khemgar Shah v. Mrs. Khorshed Banu Dadiba Boatuva....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....h the other properties of the firm. A share in the goodwill is capable of being inherited. As in the aforesaid case and in the case at hand, the Gift-tax Officer did not indicate that he had perused the partnership agreement or the later partnership or the agreement by which the minor was admitted to the benefits of the partnership firm. The order also does not disclose that any investment was ....