https://www.taxtmi.com/caselaws?id=61749 A partnership deed that gives surviving partners only an option to purchase a deceased partner's share does not automatically extinguish the deceased's rights on death. On the facts described, the deceased partner's interest in goodwill devolved on the legal representatives and was therefore includible in the principal value of the estate for estate duty purposes. The deceased partner's share of profits up to the date of death was also includible, because the firm credited and allocated those profits without invoking the clause limiting rights to the end of the preceding financial year. The estate valuation accordingly included both the relevant profit share and the goodwill interest. en-us Sat, 28 Jan 1984 00:00:00 +0530 Fri, 14 Jan 2011 16:31:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61749 A partnership deed that gives surviving partners only an option to purchase a deceased partner's share does not automatically extinguish the deceased's rights on death. On the facts described, the deceased partner's interest in goodwill devolved on the legal representatives and was therefore includible in the principal value of the estate for estate duty purposes. The deceased partner's share of profits up to the date of death was also includible, because the firm credited and allocated those profits without invoking the clause limiting rights to the end of the preceding financial year. The estate valuation accordingly included both the relevant profit share and the goodwill interest. Case-Laws Income Tax Sat, 28 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61749