1991 (6) TMI 1

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.... Revenue, the Income-tax Appellate Tribunal (in short "the Tribunal") has referred the following two questions of law for the decision of this court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and fact in holding that 'the firm had no goodwill' and is not the order of the Tribunal vitiated also for non-consideration of relevant 'tests' and mate....

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....s any goodwill of the firm which was relinquished by the respondent when she retired from the firm. The Gift-tax Officer held that when the respondent (partner) retired from the firm and somebody else was admitted into the partnership, the respondent had relinquished her share of the goodwill and determined the value of the respondent's share in the goodwill at Rs. 69,030 and treated it as a gift ....

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....nsel. The decision relied on by the Appellate Assistant Commissioner and by the Tribunal, GTO v. K. G. Raghu (G.T.A. No. 18(Coch) of 1980), dated December 31, 1981, came up before this court for consideration in Income-tax Reference No. 320 of 1982. That related to the same firm. This court, following the relevant decisions on the subject, held that there was no transfer of property, and so no gif....