https://www.taxtmi.com/caselaws?id=9266 Goodwill was treated as includible in estate duty valuation where the firm had operated for about six years, had established reputation and customer connection, and had shown substantial profits; valuation at two years' purchase of average profits was upheld as a reasonable method for an ordinary retail business. Gifts made by the deceased to his wife and sons, which remained in the firm and were used in its business, were held not to fall within section 10 of the Estate Duty Act, 1953 on the principles applied by the Supreme Court to similar facts. The accountable person succeeded on the gift issue but not on the goodwill valuation issue. en-us Thu, 20 Sep 1973 00:00:00 +0530 Sat, 20 Jun 2009 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9266 Goodwill was treated as includible in estate duty valuation where the firm had operated for about six years, had established reputation and customer connection, and had shown substantial profits; valuation at two years' purchase of average profits was upheld as a reasonable method for an ordinary retail business. Gifts made by the deceased to his wife and sons, which remained in the firm and were used in its business, were held not to fall within section 10 of the Estate Duty Act, 1953 on the principles applied by the Supreme Court to similar facts. The accountable person succeeded on the gift issue but not on the goodwill valuation issue. Case-Laws Income Tax Thu, 20 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9266