https://www.taxtmi.com/caselaws?id=19299 A professional partnership may have goodwill only if the surrounding facts show a saleable and identifiable asset. Here, the Bombay High Court noted that the advocates' firm had no fixed trade name, its style changed with changes in partnership, no agreement recognised goodwill as an asset, and no special commercial advantage was proved. On that basis, the firm was held to have no goodwill capable of valuation. Because the firm dissolved on the partner's death and a new firm was thereafter constituted, no established goodwill existed to pass on death, and the valuation of goodwill in the estate was not sustained. en-us Mon, 19 Oct 1992 00:00:00 +0530 Thu, 05 Nov 2009 12:37:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19299 A professional partnership may have goodwill only if the surrounding facts show a saleable and identifiable asset. Here, the Bombay High Court noted that the advocates' firm had no fixed trade name, its style changed with changes in partnership, no agreement recognised goodwill as an asset, and no special commercial advantage was proved. On that basis, the firm was held to have no goodwill capable of valuation. Because the firm dissolved on the partner's death and a new firm was thereafter constituted, no established goodwill existed to pass on death, and the valuation of goodwill in the estate was not sustained. Case-Laws Income Tax Mon, 19 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19299