Judgment :- R. JAYASIMHA BABU, J. In the light of the decision of the Supreme Court in the case of Jagatram Ahuja v. CGT, wherein it has been held that there is no transfer when a dissolution of a partnership firm takes place, there is no occasion at all for any deemed gift of the amount of the difference between the book value and the market value of the assets distributed among the partners at the time of dissolution. The question referred to us as to whether the Tribunal was right in holding that there was no gift from the partner who agreed to take over the running business consequent on the dissolution of the firm and made payments to the other partners has therefore to be answered in the affirmative. The questions referred to us are answered against the Revenue and in favour of the assessee.