https://www.taxtmi.com/caselaws?id=68836 A partner's interest in the firm's goodwill and in the surplus arising from revaluation of assets was treated as property passing on death for estate duty purposes. Relying on section 14 of the Indian Partnership Act, 1932, the analysis states that firm property includes goodwill, and that the deceased retained a subsisting proprietary interest in the partnership assets at death. A partnership deed clause denying the retiring partner or legal representatives any claim to goodwill or revaluation surplus did not negate that interest. The result discussed is that such interests are includible in the principal value of the estate under the Estate Duty Act, 1953. en-us Fri, 18 Nov 1983 00:00:00 +0530 Sat, 02 Apr 2011 10:18:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68836 A partner's interest in the firm's goodwill and in the surplus arising from revaluation of assets was treated as property passing on death for estate duty purposes. Relying on section 14 of the Indian Partnership Act, 1932, the analysis states that firm property includes goodwill, and that the deceased retained a subsisting proprietary interest in the partnership assets at death. A partnership deed clause denying the retiring partner or legal representatives any claim to goodwill or revaluation surplus did not negate that interest. The result discussed is that such interests are includible in the principal value of the estate under the Estate Duty Act, 1953. Case-Laws Income Tax Fri, 18 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68836