https://www.taxtmi.com/caselaws?id=37094 A partner's share in firm goodwill was treated differently depending on the governing arrangements: where the partnership deed provided for devolution of assets, including goodwill, on the surviving partners, the deceased's share in Natwarlal & Co. was includible in the estate under section 5 of the Estate Duty Act, 1953. Where retirement deeds involved a reciprocal arrangement by which the retiring partner surrendered interests in assets, including goodwill, in return for takeover of liabilities and indemnity, the goodwill in Kantilal Manilal & Co. and Pannalal Bros. was not taxable under section 9 read with Explanation 2 to section 2(15). The goodwill valuation of Natwarlal & Co. was upheld because assessed profits, not returned profits, were a proper basis. en-us Thu, 22 Jun 1978 00:00:00 +0530 Fri, 26 Mar 2010 13:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37094 A partner's share in firm goodwill was treated differently depending on the governing arrangements: where the partnership deed provided for devolution of assets, including goodwill, on the surviving partners, the deceased's share in Natwarlal & Co. was includible in the estate under section 5 of the Estate Duty Act, 1953. Where retirement deeds involved a reciprocal arrangement by which the retiring partner surrendered interests in assets, including goodwill, in return for takeover of liabilities and indemnity, the goodwill in Kantilal Manilal & Co. and Pannalal Bros. was not taxable under section 9 read with Explanation 2 to section 2(15). The goodwill valuation of Natwarlal & Co. was upheld because assessed profits, not returned profits, were a proper basis. Case-Laws Income Tax Thu, 22 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37094