1978 (12) TMI 20

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....nder s. 64(1) of the E.D. Act came up for hearing before us earlier and by our judgment dated 25th of January, 1978 [reported in [1978] 113 ITR 885 (MP)], we held that, to answer the reference, the statement of case submitted by the Tribunal was not sufficient, as the statement of case did not show as to from what account the amounts were withdrawn and gifted to Frenibai. Now, an additional statem....

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....concept of partnership is to embark upon a joint venture and for that purpose to bring in as capital money or even property including immovable property. Once that is done whatever is brought in would cease to be the exclusive property of the person who brought it in. It would be the trading asset of the partnership in which all the partners would have interest in proportion to their share in the ....

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....withdrawn from the capital account of the partnership and gifted to Frenibai were not the amounts exclusively in the hands of Shri G. D. Anklesaria and in view of these facts now appearing in the additional statement and in the light of our judgment dated 25th January, 1978 (reported in [1978] 113 ITR 885 (MP)), and that to the facts of this case the principle of Munro's case [1934] AC 61 ; 2 EDC ....