Sen, J. - (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.;