TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Join Channel
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: (i) whether goodwill of the commission business was an asset whose half value was includible in the dutiable estate of the deceased; (ii) whether the computation of estate duty under section 34(1)(c) of the Estate Duty Act, 1953 was legal and valid.
Issue (i): whether goodwill of the commission business was an asset whose half value was includible in the dutiable estate of the deceased
Analysis: Goodwill of a business is property of an asset nature. On the facts, the assessed value of the deceased's half share in the goodwill was not shown to be erroneous, and the point was not seriously disputed.
Conclusion: The issue was decided in favour of the Revenue.
Issue (ii): whether the computation of estate duty under section 34(1)(c) of the Estate Duty Act, 1953 was legal and valid
Analysis: The objection to section 34(1)(c) was founded on alleged inconsistency with article 14 of the Constitution of India. The challenge could not be entertained in proceedings before the authorities under the Act, and the case otherwise fell within section 34(1)(c).
Conclusion: The computation under section 34(1)(c) was upheld and the issue was decided against the accountable person.
Final Conclusion: The reference was answered wholly in favour of the Revenue, affirming inclusion of the goodwill in the estate and the validity of the duty computation.
Ratio Decidendi: Goodwill of a business is an includible asset for estate duty purposes, and a constitutional challenge to the validity of the charging or computation provision cannot be raised before estate duty authorities in proceedings under the Act.
TaxTMI 
