https://www.taxtmi.com/caselaws?id=38492 Goodwill in valuing a deceased partner's share must be supported by material showing commercial reputation or a distinct market advantage; profits alone are insufficient, and unsupported references to surrounding circumstances do not establish any attributable goodwill. A development rebate reserve created out of accumulated profits and retained for business purposes is not a liability deductible when computing the surplus of the firm's assets over liabilities on dissolution. In valuing the deceased partner's interest, the reserve remains part of the firm's assets rather than an outgoing or deductible charge. en-us Tue, 14 Sep 1976 00:00:00 +0530 Tue, 06 Apr 2010 16:54:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38492 Goodwill in valuing a deceased partner's share must be supported by material showing commercial reputation or a distinct market advantage; profits alone are insufficient, and unsupported references to surrounding circumstances do not establish any attributable goodwill. A development rebate reserve created out of accumulated profits and retained for business purposes is not a liability deductible when computing the surplus of the firm's assets over liabilities on dissolution. In valuing the deceased partner's interest, the reserve remains part of the firm's assets rather than an outgoing or deductible charge. Case-Laws Income Tax Tue, 14 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38492