https://www.taxtmi.com/caselaws?id=39689 Goodwill is treated as an asset of the partnership, and a deceased partner's interest in that goodwill can pass on death for estate duty purposes even if the deed excludes legal representatives from claiming it. The court held that the relevant enquiry is whether the deceased's interest in the property changed on death; here, the interest in goodwill passed to the surviving partners and was includible in the estate. Gifts of money to children were also caught by section 10 because the amounts remained invested in the same firm, so the donees did not enjoy the property to the entire exclusion of the donor. Both questions were answered for the Revenue. en-us Fri, 27 Sep 1974 00:00:00 +0530 Mon, 19 Apr 2010 16:43:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39689 Goodwill is treated as an asset of the partnership, and a deceased partner's interest in that goodwill can pass on death for estate duty purposes even if the deed excludes legal representatives from claiming it. The court held that the relevant enquiry is whether the deceased's interest in the property changed on death; here, the interest in goodwill passed to the surviving partners and was includible in the estate. Gifts of money to children were also caught by section 10 because the amounts remained invested in the same firm, so the donees did not enjoy the property to the entire exclusion of the donor. Both questions were answered for the Revenue. Case-Laws Income Tax Fri, 27 Sep 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39689