DIPAK KUMAR SEN, J.

( 1 ) THIS reference arises out of estate duty proceedings in respect of the estate of one Madan Chand Gouti, who died on the 18th March, 1966. The facts found and/or admitted are, inter alia, that during his lifetime the deceased was a partner in the firm of M/s. Chouthmull Joychandlal Gouti (hereinafter referred to as " the firm") having 12. 5% interest (1/8th share) therein. One of the assets of the said firm was a jute press named Gouti Jute Press consisting of five godowns held under a lease for 61 years. The business of the firm consisted mainly of letting out the said godowns from which substantial income was earned. The material clauses in the deed of partnership dated the 10th April, 1965, were, inter alia, as follows:"11. In case of death or retirement of any partner or of any minor admitted to the benefits of the partnership, the partnership business shall not stand dissolved but outgoing partner or legal representative of the deceased partner shall be entitled to be paid the capital and the value of Ms share and interest in the firm including that in the said jute press after the same is determined on valuation by mutual consent. For this purpose, a

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