https://www.taxtmi.com/caselaws?id=60036 Goodwill of a partnership firm can exist even in a selling agency business, but estate duty under section 5 of the Estate Duty Act depends on property passing on death through a change in beneficial possession or enjoyment. Where the deceased partner had retired more than a month before death and retained only a right to settlement of accounts under section 48 of the Partnership Act, there was no subsisting interest in goodwill on the date of death and no disposition in favour of the continuing partners within section 9(1), section 27(1) or Explanation 2 to section 2(15). The deceased's share in goodwill was therefore excluded from the principal estate. en-us Mon, 21 Mar 1983 00:00:00 +0530 Mon, 03 Jan 2011 14:32:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60036 Goodwill of a partnership firm can exist even in a selling agency business, but estate duty under section 5 of the Estate Duty Act depends on property passing on death through a change in beneficial possession or enjoyment. Where the deceased partner had retired more than a month before death and retained only a right to settlement of accounts under section 48 of the Partnership Act, there was no subsisting interest in goodwill on the date of death and no disposition in favour of the continuing partners within section 9(1), section 27(1) or Explanation 2 to section 2(15). The deceased's share in goodwill was therefore excluded from the principal estate. Case-Laws Income Tax Mon, 21 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60036