https://www.taxtmi.com/caselaws?id=39422 Goodwill in a partnership business is an intangible asset tied to reputation, clientele, location, standing and business connections, and it is not negated merely because the firm trades in standard goods. Where the firms had long-standing names, clientele and contracts, surrounding conduct supported the existence of goodwill. On the death of a partner in a partnership at will, the firm may dissolve, but goodwill remains part of the firm's assets and, absent a contrary contract, passes with the estate on dissolution. Later reconstitution of the business, use of the same name and continuation at the same premises did not prevent passing of goodwill, and the recognised valuation method was upheld. en-us Wed, 09 Apr 1975 00:00:00 +0530 Fri, 16 Apr 2010 13:14:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39422 Goodwill in a partnership business is an intangible asset tied to reputation, clientele, location, standing and business connections, and it is not negated merely because the firm trades in standard goods. Where the firms had long-standing names, clientele and contracts, surrounding conduct supported the existence of goodwill. On the death of a partner in a partnership at will, the firm may dissolve, but goodwill remains part of the firm's assets and, absent a contrary contract, passes with the estate on dissolution. Later reconstitution of the business, use of the same name and continuation at the same premises did not prevent passing of goodwill, and the recognised valuation method was upheld. Case-Laws Income Tax Wed, 09 Apr 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39422