https://www.taxtmi.com/caselaws?id=66444 A partnership firm's goodwill may be included in estate duty valuation even where the partnership deed excludes heirs from a contractual share, because the exclusion does not negate the existence or value of goodwill; substantial super profits supported a conservative valuation at one year's average super profits. For jewellery gifted within two years before death, property deemed to pass on death under the Estate Duty Act, 1953 is valued at its open market value on the date of death, not the date of gift, by application of the statutory valuation rule. The accountable person's challenge failed on goodwill, while the revenue's position succeeded on the jewellery valuation. en-us Sun, 25 Mar 1984 00:00:00 +0530 Thu, 24 Feb 2011 17:04:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66444 A partnership firm's goodwill may be included in estate duty valuation even where the partnership deed excludes heirs from a contractual share, because the exclusion does not negate the existence or value of goodwill; substantial super profits supported a conservative valuation at one year's average super profits. For jewellery gifted within two years before death, property deemed to pass on death under the Estate Duty Act, 1953 is valued at its open market value on the date of death, not the date of gift, by application of the statutory valuation rule. The accountable person's challenge failed on goodwill, while the revenue's position succeeded on the jewellery valuation. Case-Laws Income Tax Sun, 25 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66444