https://www.taxtmi.com/caselaws?id=39688 A partner's interest in the assets of a subsisting firm, including goodwill, is property under the Estate Duty Act because the partner has a proprietary, transferable interest in the firm's assets and rights to profits and dissolution proceeds. However, under the partnership deed, the deceased partner's interest in goodwill ended on death and did not pass by inheritance, so estate duty was not attracted under the charging provision. The cesser of that interest also fell outside the deeming provision because goodwill, standing alone, was not shown to yield income capable of valuation under the statutory formula. The deceased partner's share in goodwill was therefore not chargeable to estate duty on the facts. en-us Thu, 28 Jun 1973 00:00:00 +0530 Mon, 19 Apr 2010 16:41:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39688 A partner's interest in the assets of a subsisting firm, including goodwill, is property under the Estate Duty Act because the partner has a proprietary, transferable interest in the firm's assets and rights to profits and dissolution proceeds. However, under the partnership deed, the deceased partner's interest in goodwill ended on death and did not pass by inheritance, so estate duty was not attracted under the charging provision. The cesser of that interest also fell outside the deeming provision because goodwill, standing alone, was not shown to yield income capable of valuation under the statutory formula. The deceased partner's share in goodwill was therefore not chargeable to estate duty on the facts. Case-Laws Income Tax Thu, 28 Jun 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39688