2009 (11) TMI 97

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....alaram Das, Advocates, with him) for the appellants. P. J. Pardiwalla, Senior Advocate (Rustom B. Hathikhanawala, Advocate, with him) for the respondent. JUDGMENT The judgment of the court was delivered by S. H. KAPADIA J. - 1. Heard learned counsel on both sides. 2. This civil appeal is filed by the Controller of Estate Duty, Kerala, against the decision dated July 18, 2003, del....

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.... be noted that, in this case, the method is not in dispute. What is in dispute is the application of the super profits method to the facts of the present case. Applying the super profits method, the Assistant Controller applied the multiplier of three years' purchase whereas the assessee-respondent con tended that 3X was excessive. The Assistant Controller further held that fund of income-tax, whi....

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.... This finding was rightly upheld by the High Court. In any event, there is no hard and fast rule regarding the multiplier to be applied for evaluating the goodwill of the firm. It all depends on the nature of the business and the prevailing market conditions. Hence, we are of the view that this aspect is a pure question of fact and does not call for interference by this court. In this connection, ....

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....assed away. In fact, on that day, the claim for refund under the Act was pending adjudication. Such refund stood determined only after the demise of the deceased. Hence, such refund cannot be considered to be a property available at the time of the death (see Estate of Late General Sir Shankar S. S. J. B. Rana v. CED [1990] 186 1TR 578 (Bom)). 7. For the aforestated reasons, we see no reason to....