https://www.taxtmi.com/caselaws?id=288734 Property acquired from the proceeds of ancestral assets retained its joint family character where the evidence showed those proceeds formed the business nucleus, so the deceased held only the surviving share on death. Goodwill of an established hotel business was separately assessable as estate duty property because it represented the additional value a prudent purchaser would pay over tangible assets under the open market value test; carrying on the business in leased premises did not negate goodwill, though it affected valuation. The reduced goodwill valuation was sustained. en-us Wed, 22 Nov 1961 00:00:00 +0530 Thu, 25 Jun 2020 16:47:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288734 Property acquired from the proceeds of ancestral assets retained its joint family character where the evidence showed those proceeds formed the business nucleus, so the deceased held only the surviving share on death. Goodwill of an established hotel business was separately assessable as estate duty property because it represented the additional value a prudent purchaser would pay over tangible assets under the open market value test; carrying on the business in leased premises did not negate goodwill, though it affected valuation. The reduced goodwill valuation was sustained. Case-Laws Indian Laws Wed, 22 Nov 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288734