https://www.taxtmi.com/caselaws?id=28448 A retiring partner's share in firm goodwill is property in which she has an interest, and on retirement she is ordinarily entitled to its value unless the partnership deed provides otherwise. The Estate Duty Act was applied broadly: the extinguishment of the deceased's right in favour of continuing partners constituted a disposition. Because she relinquished her goodwill share without consideration in favour of relatives, the transfer was treated as a gift. As the gift was made within two years of death, the value of that goodwill share was deemed to pass on death and was liable to estate duty. en-us Wed, 07 Apr 1982 00:00:00 +0530 Mon, 22 Feb 2010 17:08:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28448 A retiring partner's share in firm goodwill is property in which she has an interest, and on retirement she is ordinarily entitled to its value unless the partnership deed provides otherwise. The Estate Duty Act was applied broadly: the extinguishment of the deceased's right in favour of continuing partners constituted a disposition. Because she relinquished her goodwill share without consideration in favour of relatives, the transfer was treated as a gift. As the gift was made within two years of death, the value of that goodwill share was deemed to pass on death and was liable to estate duty. Case-Laws Income Tax Wed, 07 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28448