https://www.taxtmi.com/caselaws?id=36647 Goodwill for estate duty purposes depends on reputation, business connections and the capacity to attract custom and earn excess profits. Profits alone do not prove goodwill, but the length of time the business has been carried on and the consistency of its profitability are relevant evidentiary circumstances. They may indicate whether the business has the attractive force associated with goodwill and must be considered with all surrounding facts. The Tribunal erred in treating those factors as irrelevant. The matter required reconsideration on the full factual and legal material, and no final merits determination was made. en-us Wed, 18 Jul 1979 00:00:00 +0530 Tue, 23 Mar 2010 16:16:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36647 Goodwill for estate duty purposes depends on reputation, business connections and the capacity to attract custom and earn excess profits. Profits alone do not prove goodwill, but the length of time the business has been carried on and the consistency of its profitability are relevant evidentiary circumstances. They may indicate whether the business has the attractive force associated with goodwill and must be considered with all surrounding facts. The Tribunal erred in treating those factors as irrelevant. The matter required reconsideration on the full factual and legal material, and no final merits determination was made. Case-Laws Income Tax Wed, 18 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36647