1978 (4) TMI 34

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.... CED and the Tribunal has drawn up a case and referred the following question : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 5 lakhs was not liable to be included in the estate of the deceased, Lakhi Prasad Goenka, under section 10 of the Estate Duty Act ? " The facts found and/or admitted are, inter alia, as follows : Ou....

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....January, 1958. The controversy in this case is whether the said sum of Rs. 5 lakhs should be included in the estate of the deceased donor under s. 10 of the E.D. Act for assessment of estate duty. The material part of s. 10 of the E.D. Act, 1953, is as follows : Property taken under Any gift, whenever made, shall be deemed to pass on the donor's death to the extent that bona fide possessi....

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....sed, his three sons and a daughter were partners in a firm which carried. on money-lending business. Prior to his death the deceased transferred to his sons and daughter various amounts by adjustment entries in the books of the firm against the balance, to his credit in the firm. The amounts remained with the firm and were utilised in the business. The assessee continued to be a partner of the fir....