TaxTMI 
TaxTMI 
1978 (5) TMI 102
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.... accountable person for our consideration is that the addition on account of goodwill of the proprietary business of the deceased is not justified. 2. Shri. Jaharmal Jalan died on 23rd Dec.,1968. The accountable person, Shri Banwarilal Jalan filed the statement of the estate of the deceased. The Asstt CED computed the dutiable estate of the deceased at Rs. 1,03,300. 3. Aggrieved by this order th....
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....supports the assessee because in that case the High Court held on the basis of a provision in the partnership deed that there was goodwill. But the Madras High Court in the case of A.K.D. Dharmaraja vs. CED (1) again held that there could be no goodwill of a business of the type carried on by the assessee. 5. The learned Departmental representative, on the other hand, submitted that it is not cor....
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....ts contained in 61 ITR 317 & 111 ITR 72. Even in the case of Smt. Surumbayi Ammal(2) the Madras High Court had not distinguished the facts. The Tribunal found in that case that in the partnership deed it was provided that the goodwill would be valued in case of interest. It is only by construing that clause in the partnership deed that the Madras High Court held that when the assessee itself has a....