CONTROLLER OF ESTATE DUTY Vs. G N KHANNA

JUDGEMENT

(1.) By this reference under Section 64 of the Estate Duty Act, 1953 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Allahabad Bench, Allahabad, has referred the following questions of law for the opinion of this court at the instance of the Controller of Estate Duty :

(2.) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in allowing deduction of Rs. 1,45,000?" 2. One Sri S. N. Khanna died on December 2, 1967. He was a partner having six annas share in a firm which carried on the business under the name and style of Annapurna Biscuit Manufacturing Company. Besides the deceased, the other three partners were his sons.

(3.) Three days prior to his death, the deceased retired from the aforesaid partnership business. It was followed by a dissolution deed executed on the same day and the firm was reconstituted by the remaining partners thereafter.