( 1 ) THE statement of the case raises the following question for an answer by this Court :--"whether on the facts and in the circumstances of the case the Tribunal was right in holding that no capital gains could arise under Section 12-B of the Indian Income-tax Act, 1922 out of the transfer by the firm of its assets and goodwill to the two private limited companies?"

( 2 ) BEFORE proceeding to answer this question it will be appropriate to reframe the question by dropping the words "assets and" from the question because no argument has been advanced before us either on behalf of the assessee or the Commissioner on assets other than goodwill. The controversy is confined in this case only to goodwill and nothing else. In fact, no question arises with regard to other assets from the order of the Tribunal. The question re-framed, therefore, for the answer by this Court is as follows :--"whether on the facts and in the circumstances of the case the Tribunal was right in holding that no capital gains could arise under Section 12-B of the Indian Income-tax Act, 1922 out of the transfer by the firm of its goodwill to the two private limited companies?"

( 3 ) THE facts