https://www.taxtmi.com/caselaws?id=66434 An insurance policy with a severable accident benefit was treated as a composite arrangement: the life-policy amount was chargeable as property passing on death, and the accident benefit also fell within the estate, though not under section 5 alone; aggregation under section 34(3) was inapplicable to that amount. Goodwill existed in the partnership firms, but a deceased partner had no separate, defined share in that single asset, so goodwill could not be valued independently of the firms' net assets and liabilities; fresh computation was required on that basis. The enhancement for appreciation in fixed assets was upheld because estate duty requires market value at death, not historical cost. en-us Wed, 30 Nov 1983 00:00:00 +0530 Thu, 24 Feb 2011 16:34:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66434 An insurance policy with a severable accident benefit was treated as a composite arrangement: the life-policy amount was chargeable as property passing on death, and the accident benefit also fell within the estate, though not under section 5 alone; aggregation under section 34(3) was inapplicable to that amount. Goodwill existed in the partnership firms, but a deceased partner had no separate, defined share in that single asset, so goodwill could not be valued independently of the firms' net assets and liabilities; fresh computation was required on that basis. The enhancement for appreciation in fixed assets was upheld because estate duty requires market value at death, not historical cost. Case-Laws Income Tax Wed, 30 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66434