https://www.taxtmi.com/caselaws?id=28571 Under the Estate Duty Act, the deceased's share in goodwill of a firm from which he had retired before death was not property passing on death, so it was not includible in the principal value of the estate; the alternative attempt to support inclusion on a gift theory was not open on the record. By contrast, where the partnership continued, goodwill formed part of the firm's total assets and could not be isolated for separate exclusion, because a partner has no defined share in individual assets and goodwill enters the valuation of the partner's interest on dissolution. Accordingly, the retired firm's goodwill was excluded, but the continuing firm's goodwill was included. en-us Tue, 20 Jul 1982 00:00:00 +0530 Tue, 23 Feb 2010 16:26:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28571 Under the Estate Duty Act, the deceased's share in goodwill of a firm from which he had retired before death was not property passing on death, so it was not includible in the principal value of the estate; the alternative attempt to support inclusion on a gift theory was not open on the record. By contrast, where the partnership continued, goodwill formed part of the firm's total assets and could not be isolated for separate exclusion, because a partner has no defined share in individual assets and goodwill enters the valuation of the partner's interest on dissolution. Accordingly, the retired firm's goodwill was excluded, but the continuing firm's goodwill was included. Case-Laws Income Tax Tue, 20 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28571