https://www.taxtmi.com/caselaws?id=20728 The court held that the goodwill in a partnership firm belonged to the Hindu undivided families of the sons, as established by the partnership deeds and the will of the deceased partner. The court disagreed with the Income-tax Appellate Tribunal's decision and upheld the Commissioner's finding that the claimed rent amount for the goodwill was reasonable, allowing the appellant firm to pay rent to the Hindu undivided families. This judgment clarified ownership rights of goodwill in a partnership and the permissibility of claiming rent for goodwill based on partnership agreements and legal principles. en-us Thu, 23 Jul 1992 00:00:00 +0530 Mon, 16 Nov 2009 17:52:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20728 The court held that the goodwill in a partnership firm belonged to the Hindu undivided families of the sons, as established by the partnership deeds and the will of the deceased partner. The court disagreed with the Income-tax Appellate Tribunal's decision and upheld the Commissioner's finding that the claimed rent amount for the goodwill was reasonable, allowing the appellant firm to pay rent to the Hindu undivided families. This judgment clarified ownership rights of goodwill in a partnership and the permissibility of claiming rent for goodwill based on partnership agreements and legal principles. Case-Laws Income Tax Thu, 23 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20728