https://www.taxtmi.com/caselaws?id=28372 Goodwill in a wholesale trading firm may be valued on the basis of average profits where the Tribunal finds, on the facts, that goodwill exists and two years' purchase is a fair estimate of super profits. In the absence of a specific Estate Duty Act valuation rule for unquoted equity shares, the break-up method recognised in rule 1D of the Wealth-tax Rules, 1957 may be applied by analogy, subject to consideration of relevant balance-sheet material. For rate purposes, the deceased's exempt share in a residential house under section 33(1)(n) does not displace aggregation of lineal descendants' interests under section 34(1)(c). en-us Thu, 21 Oct 1982 00:00:00 +0530 Mon, 22 Feb 2010 10:32:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28372 Goodwill in a wholesale trading firm may be valued on the basis of average profits where the Tribunal finds, on the facts, that goodwill exists and two years' purchase is a fair estimate of super profits. In the absence of a specific Estate Duty Act valuation rule for unquoted equity shares, the break-up method recognised in rule 1D of the Wealth-tax Rules, 1957 may be applied by analogy, subject to consideration of relevant balance-sheet material. For rate purposes, the deceased's exempt share in a residential house under section 33(1)(n) does not displace aggregation of lineal descendants' interests under section 34(1)(c). Case-Laws Income Tax Thu, 21 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28372