https://www.taxtmi.com/caselaws?id=71394 For estate duty valuation, a deceased partner's interest in a firm must be computed with reference to the firm's total net assets and liabilities, not by isolating goodwill as a separate taxable item. The partnership deed provided for continuance of the firm on death or retirement, and the valuation adopted earlier treated goodwill independently. The Tribunal stated that a partner has no defined share in individual assets, only in the aggregate net interest of the partnership, so goodwill, though a partnership asset, cannot be picked out and valued in isolation. The proper course was recomputation of the deceased's share in the firm's property in accordance with the deed and applicable valuation principles. en-us Fri, 25 Feb 1983 00:00:00 +0530 Sat, 23 Apr 2011 11:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71394 For estate duty valuation, a deceased partner's interest in a firm must be computed with reference to the firm's total net assets and liabilities, not by isolating goodwill as a separate taxable item. The partnership deed provided for continuance of the firm on death or retirement, and the valuation adopted earlier treated goodwill independently. The Tribunal stated that a partner has no defined share in individual assets, only in the aggregate net interest of the partnership, so goodwill, though a partnership asset, cannot be picked out and valued in isolation. The proper course was recomputation of the deceased's share in the firm's property in accordance with the deed and applicable valuation principles. Case-Laws Income Tax Fri, 25 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71394