CONTROLLER OF ESTATE DUTY Vs. BIPINCHANDRA SHANTILAL

JUDGEMENT

(1.) The Income Tax Appellate Tribunal, Ahmedabad Bench (B) has referred the undermentioned questions to this Court for opinion and answer, exercising the jurisdiction vested in them under section 64 of the Eslatc Duty Act, 1953.

(2.) A reference to Sec. 5 of the Act of 1953 which falls within Chapter II which pertains to the imposition of Estate Duty shows that a duty called "Estate Duty" shall be levied and paid upon the principal value of all the properties which pass on the death of a person.

(3.) The facts out of which the present reference arises are duly recorded in the orders of the authorities below and the Tribunal also. Caluse-8 of the Partnership deed which has a relevance to the question under consideration may be appreciated first. It is provided that all the three partners and the minor shall have equal rights in goodwill and tenancy rights of the firm, that is each one will get, l/4th share. Clause II of the partnership deed also requires to be read in juxtaposition which provides that the partnership is a "Partnership At Will". It, therefore, becomes clear that all the three partners and the minor have been given equal rights in the goodwill and tenancy rights of the firm each getting 1/4th share therein. As we see the above said facts are not in dispute and it is a common ground that the present reference shall have to be decided on the basis of the said facts.