( 1 ) IN this reference under Section 26 (1) of the Gift-tax Act, 1958, the following question has been referred by the Tribunal for the opinion of this court :"whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that no gift-tax is leviable in respect of the assessee's share in the goodwill of the partnership firm, Nani Gopal Mondal and Bros. , as determined by the Gift-tax Officer ? "

( 2 ) IN this case the assessment year involved is 1969-70, for which the relevant date (of gift) is April 7, 1968. The assessee, Nani Gopal Mondal, was a partner of M/s. Nani Gopal Mondal and Bros, carrying on business in gold, silver and silk goods, etc. , at Bishnupur in the district of Birbhum in the State of West Bengal. Originally, the business which dealt in gold and silver was carried on' by the HUF of Nani Gopal Mondal and others, which at the relevant time consisted of three brothers, namely, Nani Gopal Mondal, Benukar Mondal and Ambujakasha Mondal. On the 1st day of the accounting year 1355, Ramnabami, there was a partition and as a result of the partition, each brother got 1/3rd share in the said business. Thereafter, they formed a part