https://www.taxtmi.com/caselaws?id=16582 Goodwill of a partnership business is treated as part of the firm's property and an intangible asset reflecting reputation, customer connection and earning capacity. For estate duty valuation, the deceased partner's interest is valued on an open market basis and extends to the partnership assets, including goodwill. Dissolution of the firm on death does not, by itself, extinguish goodwill or prevent it from passing for estate duty purposes. The goodwill was therefore includible in the principal value of the estate, and the estate duty addition was sustained. en-us Tue, 27 May 1997 00:00:00 +0530 Tue, 08 Sep 2009 16:09:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16582 Goodwill of a partnership business is treated as part of the firm's property and an intangible asset reflecting reputation, customer connection and earning capacity. For estate duty valuation, the deceased partner's interest is valued on an open market basis and extends to the partnership assets, including goodwill. Dissolution of the firm on death does not, by itself, extinguish goodwill or prevent it from passing for estate duty purposes. The goodwill was therefore includible in the principal value of the estate, and the estate duty addition was sustained. Case-Laws Income Tax Tue, 27 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16582