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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the share in the value of the goodwill of a partnership firm was includible in the estate of the deceased for estate duty purposes.
Analysis: Goodwill was treated as an asset capable of passing on the death of a partner and capable of valuation. The earlier view that goodwill was not includible had been overruled by the Full Bench of the Punjab and Haryana High Court, which held that the goodwill of a firm is an asset and the deceased partner's share therein devolves for estate duty purposes on his legal representatives.
Conclusion: The Tribunal was incorrect in holding that the share in the value of goodwill was not includible in the estate of the deceased, and the issue is answered in favour of the Revenue and against the assessee.
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