https://www.taxtmi.com/caselaws?id=8662 A managing agency interest that yielded income was treated as property, so the deceased's share in the goodwill of the managing agency firms was includible in the estate. Restrictions arising from personal service features, approval requirements, or limits on transfer did not prevent the business interest from carrying goodwill. For valuation, the appellate authority's profit-based revaluation of goodwill, using actual profits over the relevant period instead of estimated profits, was accepted because no better method was shown. The reference was therefore answered in favour of the revenue on both issues, and the inclusion and valuation of goodwill were upheld. en-us Mon, 07 Aug 1972 00:00:00 +0530 Wed, 20 May 2009 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8662 A managing agency interest that yielded income was treated as property, so the deceased's share in the goodwill of the managing agency firms was includible in the estate. Restrictions arising from personal service features, approval requirements, or limits on transfer did not prevent the business interest from carrying goodwill. For valuation, the appellate authority's profit-based revaluation of goodwill, using actual profits over the relevant period instead of estimated profits, was accepted because no better method was shown. The reference was therefore answered in favour of the revenue on both issues, and the inclusion and valuation of goodwill were upheld. Case-Laws Income Tax Mon, 07 Aug 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8662