CONTROLLER OF ESTATE DUTY Vs. GOURI PRASAD GOENKA

JUDGEMENT

(1.) This reference under Section 64(1) of the E.D. Act, 1953, was initiated by the 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 ?"

(2.) The facts found and/or admitted are, inter alia, as follows:

(3.) Out of the assets received by him on partition of a HUF, one Lakhi Prasad Goenka made a gift of Rs. 5 lakhs to one Gouri Prasad Goenka on the 26th October, 1954. This gift was effected by transfer from the donor's account in a firm known as Ram Dutt Ram Kishan Das Ram-chandra Goenka & Sons, in favour of the donee. Lakhi Prasad was a partner in the said firm and had 4/27ths share therein.