https://www.taxtmi.com/caselaws?id=39113 Goodwill is a partnership asset, and in the absence of an express provision extinguishing a deceased partner's proprietary interest, the partner's share in goodwill devolves on death. On that footing, the share forms property passing on death and is chargeable to estate duty under the statutory scheme. The Court rejected the argument that goodwill in a continuing firm has no value for this purpose, holding that the Estate Duty Act's broad concept of property passing on death, read with the Partnership Act's treatment of goodwill as firm property, brings the deceased partner's share within the tax net. en-us Mon, 25 Oct 1976 00:00:00 +0530 Tue, 13 Apr 2010 10:29:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39113 Goodwill is a partnership asset, and in the absence of an express provision extinguishing a deceased partner's proprietary interest, the partner's share in goodwill devolves on death. On that footing, the share forms property passing on death and is chargeable to estate duty under the statutory scheme. The Court rejected the argument that goodwill in a continuing firm has no value for this purpose, holding that the Estate Duty Act's broad concept of property passing on death, read with the Partnership Act's treatment of goodwill as firm property, brings the deceased partner's share within the tax net. Case-Laws Income Tax Mon, 25 Oct 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39113