COMMISSIONER OF GIFT TAX Vs. NAGAMMAL K

JUDGEMENT

(1.) ALTHOUGH two questions were brought by the Department for reference to this court for answer, the Tribunal has referred the following question :

(2.) IT is to bring out the real dispute between the parties.

(3.) THE assessee was a partner of the firm in the name and style of Radhas with a 15 per cent. share in the profits and assets of the firm. She retired on September 30, 1976. THE Gift-tax Officer understood this as a gift involved in the process of surrender on retirement. He valued it at Rs. 60,610, on the basis of calculation adopting the super profits method. This was by the order dated August 18, 1982.