1990 (2) TMI 18

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Revenue seeks a direction to the Tribunal to refer the following questions of law : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law and had valid materials in cancelling the assessment on the ground that it lacked any foundation ? 2. Whether the Appellate Tribunal's view that the moment a partner retires from a firm, he ceased to have an....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o with the admission of the other partners in the firm and there was, therefore, no question of any taxable gift at all arising under these circumstances and, therefore, the assessment deserved to be set aside. It is against this that the Revenue has come up with this tax case petition. We have carefully looked into the order of the assessing authority as well as the appellate authorities. There ....