https://www.taxtmi.com/caselaws?id=160752 Where a partnership deed prescribes a mandatory method for valuing a retiring partner's share, the arbitrator must stay within that contractual limit. The deed here required goodwill to be based on five years' net profits, outstandings at 85% of book value, movable property at book value, and immovable property at purchase price or book value as recorded. By adding depreciation and appreciation of property, dead-stock and dues beyond that scheme, the arbitrator acted outside the reference. As the excess was built into the lump-sum valuation, the invalid portion was not severable and the award was liable to be set aside. en-us Tue, 19 Nov 1963 00:00:00 +0530 Mon, 25 Aug 2014 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160752 Where a partnership deed prescribes a mandatory method for valuing a retiring partner's share, the arbitrator must stay within that contractual limit. The deed here required goodwill to be based on five years' net profits, outstandings at 85% of book value, movable property at book value, and immovable property at purchase price or book value as recorded. By adding depreciation and appreciation of property, dead-stock and dues beyond that scheme, the arbitrator acted outside the reference. As the excess was built into the lump-sum valuation, the invalid portion was not severable and the award was liable to be set aside. Case-Laws Companies Law Tue, 19 Nov 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160752