https://www.taxtmi.com/caselaws?id=35928 A deceased partner's share in the goodwill of a firm was treated as part of the property passing on death for estate duty under section 5 of the Estate Duty Act, 1953. The Court held that estate duty applies to property that passes by a change in beneficial interest, and a partner's interest extends to the partnership assets as a whole, including goodwill. Unless the partnership arrangement clearly extinguishes that right, goodwill devolves with the deceased partner's share in the firm. The share in goodwill was therefore includible in the principal value of the estate, and the reference was answered in favour of the Revenue. en-us Mon, 11 Aug 1980 00:00:00 +0530 Thu, 18 Mar 2010 10:34:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35928 A deceased partner's share in the goodwill of a firm was treated as part of the property passing on death for estate duty under section 5 of the Estate Duty Act, 1953. The Court held that estate duty applies to property that passes by a change in beneficial interest, and a partner's interest extends to the partnership assets as a whole, including goodwill. Unless the partnership arrangement clearly extinguishes that right, goodwill devolves with the deceased partner's share in the firm. The share in goodwill was therefore includible in the principal value of the estate, and the reference was answered in favour of the Revenue. Case-Laws Income Tax Mon, 11 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35928