https://www.taxtmi.com/caselaws?id=37966 Estate duty valuation of partnership interests was limited to the deceased's remaining one-fourth share in the goodwill and tenancy rights. The Revenue had to show that the disputed interests were gifted without adequate consideration, but the son's admission as a partner, the later change in profit-sharing, and his contribution of labour and participation in the business constituted sufficient consideration. On that basis, the arrangement was not treated as a gift, and section 10 did not extend the dutiable estate beyond the deceased's surviving share. The Tribunal's inclusion of only one-fourth of the goodwill and tenancy rights in the principal value of the estate was therefore upheld. en-us Fri, 22 Jul 1977 00:00:00 +0530 Fri, 02 Apr 2010 13:10:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37966 Estate duty valuation of partnership interests was limited to the deceased's remaining one-fourth share in the goodwill and tenancy rights. The Revenue had to show that the disputed interests were gifted without adequate consideration, but the son's admission as a partner, the later change in profit-sharing, and his contribution of labour and participation in the business constituted sufficient consideration. On that basis, the arrangement was not treated as a gift, and section 10 did not extend the dutiable estate beyond the deceased's surviving share. The Tribunal's inclusion of only one-fourth of the goodwill and tenancy rights in the principal value of the estate was therefore upheld. Case-Laws Income Tax Fri, 22 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37966