Inclusion of deceased partner's goodwill interest: estate duty assessment should include value where heirs are denied rights. The Board advises that where a partnership deed excludes heirs' rights to goodwill and the firm continues on a partner's death, the cessation of the deceased's interest benefits the surviving partners; therefore the value of the deceased partner's interest in the firm's goodwill should be included in the deceased's estate for estate duty assessment, and this instruction applies to all officers except those in the Gujarat charge.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Inclusion of deceased partner's goodwill interest: estate duty assessment should include value where heirs are denied rights.
The Board advises that where a partnership deed excludes heirs' rights to goodwill and the firm continues on a partner's death, the cessation of the deceased's interest benefits the surviving partners; therefore the value of the deceased partner's interest in the firm's goodwill should be included in the deceased's estate for estate duty assessment, and this instruction applies to all officers except those in the Gujarat charge.
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