https://www.taxtmi.com/caselaws?id=61866 A partnership deed that regulates profit distribution displaces the statutory default of equal sharing, so a notional one-fifth share in the deceased partner's interest could not be sustained. Current-year profits up to the date of death were not treated as automatically accruing to the deceased and were excluded from the estate. Goodwill was held to pass on death as part of the firm's property, but its valuation had to be recomputed on commercial profits, tax, realistic managerial remuneration, and a one-year purchase multiplier. An income-tax refund and related interest arising after death were excluded, while interest on the estate duty demand and denial of residential-flat exemption were upheld subject to recomputation of interest. en-us Tue, 23 Aug 1994 00:00:00 +0530 Sat, 15 Jan 2011 17:10:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61866 A partnership deed that regulates profit distribution displaces the statutory default of equal sharing, so a notional one-fifth share in the deceased partner's interest could not be sustained. Current-year profits up to the date of death were not treated as automatically accruing to the deceased and were excluded from the estate. Goodwill was held to pass on death as part of the firm's property, but its valuation had to be recomputed on commercial profits, tax, realistic managerial remuneration, and a one-year purchase multiplier. An income-tax refund and related interest arising after death were excluded, while interest on the estate duty demand and denial of residential-flat exemption were upheld subject to recomputation of interest. Case-Laws Income Tax Tue, 23 Aug 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61866