1983 (7) TMI 86

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..... yr. 1976-77. 2. The only issue in this appeal is whether, on the facts and in the circumstances of the case, the assessee who is a partner in the firm of M/s Bharat Ginning & Oil Mills is entitled to exemption in respect of the value of her interest in the assets forming part of an industrial undertaking belonging to the firm. For determination of this issue, the relevant facts available to u....

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....thorities below erred in refusing the claim of the assessee u/s 5(1)(xxxii) of the WT Act. It is to be noted that the exemption granted by the legislature u/s 5(1)(xxxii) is with regard to the value of the interest of the assessee in the assets forming part of an industrial undertaking belonging to a firm etc. The value has to be determined in the prescribed manner and it will not be available wit....

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....andy Syndicate vs. Inland Revenue Commissioners (1921) 1 K.B. 64, 71 thus: "In a taxing Act, one has to look merely at what is clearly said there is o equity about a tax. There is no presumption as to a tax. Nothing is to be read in, nothing is to be implied. One can only look fairly at the language used." 4. It we examine the action of the authorities below in the light of this rule of cons....

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.... definition of partner is the motive of carrying on the business which leads to the formation of partnership. Thus, business is one of the essential elements in the constitution of partnership. The term 'business' is of a large an indefinite import and has to be understood in a practical sense. Industrial company he case before us, admittedly, there was a firm carrying on business under the name a....