https://www.taxtmi.com/caselaws?id=35723 Goodwill for estate duty was held to depend on trading reputation and earning capacity, not on speculative mining operations. On the facts, the business involved mica mining and sale, with no special product, a limited lease period, and uncertain future mining profits; accordingly, only trading profits were relevant to valuation, and the exclusion of manufacturing profits was justified. The Tribunal's practical method of taking trading profits at one-third of total profits and valuing goodwill at one year's purchase of average profits was found reasonable and consistent with accepted goodwill valuation principles. The Tribunal's approach was upheld. en-us Tue, 24 Apr 1979 00:00:00 +0530 Tue, 16 Mar 2010 12:53:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35723 Goodwill for estate duty was held to depend on trading reputation and earning capacity, not on speculative mining operations. On the facts, the business involved mica mining and sale, with no special product, a limited lease period, and uncertain future mining profits; accordingly, only trading profits were relevant to valuation, and the exclusion of manufacturing profits was justified. The Tribunal's practical method of taking trading profits at one-third of total profits and valuing goodwill at one year's purchase of average profits was found reasonable and consistent with accepted goodwill valuation principles. The Tribunal's approach was upheld. Case-Laws Income Tax Tue, 24 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35723