https://www.taxtmi.com/caselaws?id=38552 Amounts transferred by adjustment entries in a deceased partner's accounts were held outside estate duty where the relevant version of section 9 applied only to gifts made within one year of death, and section 10 was not attracted because the donees had assumed bona fide possession and enjoyment without the donor retaining the required benefit. A retail textile business was also held not to have assessable goodwill on the facts, since goodwill depends on the nature and circumstances of the particular trade and cannot be assumed merely from longevity, profitability, or location. The reference was answered against the revenue on both issues. en-us Wed, 16 Jun 1976 00:00:00 +0530 Wed, 07 Apr 2010 11:55:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38552 Amounts transferred by adjustment entries in a deceased partner's accounts were held outside estate duty where the relevant version of section 9 applied only to gifts made within one year of death, and section 10 was not attracted because the donees had assumed bona fide possession and enjoyment without the donor retaining the required benefit. A retail textile business was also held not to have assessable goodwill on the facts, since goodwill depends on the nature and circumstances of the particular trade and cannot be assumed merely from longevity, profitability, or location. The reference was answered against the revenue on both issues. Case-Laws Income Tax Wed, 16 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38552