https://www.taxtmi.com/caselaws?id=25531 A partner's accrued interest in partnership goodwill is property for estate duty purposes, and a voluntary surrender of that interest for inadequate consideration shortly before death can amount to an extinguishment or disposition attracting tax. On the facts, the deceased accepted a substantially lower amount than the admitted goodwill share, and the benefit passed to continuing partners who were near relatives. The difference was therefore includible in the estate under the Estate Duty Act, and the deletion of the addition was unjustified. The reasoning distinguished gift-tax authorities because the Estate Duty Act applies a wider scheme to property passing on death. en-us Tue, 16 Dec 1986 00:00:00 +0530 Fri, 29 Jan 2010 12:35:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25531 A partner's accrued interest in partnership goodwill is property for estate duty purposes, and a voluntary surrender of that interest for inadequate consideration shortly before death can amount to an extinguishment or disposition attracting tax. On the facts, the deceased accepted a substantially lower amount than the admitted goodwill share, and the benefit passed to continuing partners who were near relatives. The difference was therefore includible in the estate under the Estate Duty Act, and the deletion of the addition was unjustified. The reasoning distinguished gift-tax authorities because the Estate Duty Act applies a wider scheme to property passing on death. Case-Laws Income Tax Tue, 16 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25531