https://www.taxtmi.com/caselaws?id=37060 Goodwill requires a transferable commercial advantage arising from the reputation, connection and patronage of a business. Where a business is carried on only under a short-term, non-transferable licence or agency arrangement that can be cancelled at the grantor's pleasure, it does not create goodwill capable of separate sale or transfer. On the stated facts, the firms' rights to carry on business were temporary and dependent on such arrangements, so no goodwill existed for estate duty purposes and no share of goodwill could be included in the deceased partner's estate. en-us Wed, 06 Feb 1980 00:00:00 +0530 Fri, 26 Mar 2010 11:54:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37060 Goodwill requires a transferable commercial advantage arising from the reputation, connection and patronage of a business. Where a business is carried on only under a short-term, non-transferable licence or agency arrangement that can be cancelled at the grantor's pleasure, it does not create goodwill capable of separate sale or transfer. On the stated facts, the firms' rights to carry on business were temporary and dependent on such arrangements, so no goodwill existed for estate duty purposes and no share of goodwill could be included in the deceased partner's estate. Case-Laws Income Tax Wed, 06 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37060