1996 (6) TMI 78

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....ust 26, 1988, in Civil Rule No. 21(M) of 1977, this court directed the Tribunal to refer the following question for the opinion of this court. Pursuant to the said direction, the said question has been referred under the Estate Duty Act, 1953 (for short, "the Act"), as noted below : " Whether, on the facts and in the circumstances of the case and on a proper construction of section 5 of the Est....

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....ntable person on February 26, 1972, for the purpose of the estate duty. The Assistant Controller of Estate Duty found that the deceased had certain immovable property besides movable property. While determining the principal value of the estate, the Assistant Controller of Estate Duty valued the immovable property at Rs. 1,47,338. The share of the deceased in the goodwill of the firm which was est....

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....areshchandra v. CED [1975] 100 ITR 297 holding that the cesser of interest in the goodwill on the death of one of the partners could not be measured in terms of section 40 of the Estate Duty Act and could not, therefore, be brought to tax. The order of the Appellate Controller of Estate Duty was thereby confirmed by the Tribunal in this regard and the Revenue's appeal was accordingly dismissed. Th....

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....f has no independent existence, as it is attached to the business and it is a part of the assets of the firm. So, on the death of the partner, his share in the goodwill can be included in his estate. In this connection, Mr. Joshi has drawn our attention to a decision of this court in CED v. Kanta Devi Taneja [1981] 132 ITR 437. In the said case this court relying on the decision in the case of Est....