1985 (10) TMI 51

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....llowing question of law for the opinion of this court: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the share of goodwill of the deceased may be arrived at on the basis of two years' purchase of super profits in the place of three years' as fair and reasonable without assigning any reason ? " In order to appreciate the question of law r....

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....he profits of the firm during the last five years was around Rs. 5 lakhs. The Assistant Controller of Estate Duty proceeded to assess the value of the goodwill of the firm and in doing so, calculated the share of the deceased at Rs. 2 lakhs. On appeal, the Zonal Appellate Controller of Estate Duty observed that profits of the year 1962-63 had included an amount of Rs. 1,17,087 as refund of sales t....

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....or the opinion of this court on a direction given by this court under section 64(3) of the Act, to draw up a statement of the case and to refer the above question of law. We have heard Mr. Surolia for the Department and Mr. Ranka for the accountable person. Mr. Ranka has placed reliance on Seethalakshmi Ammal v. CED [1966] 61 ITR 317 (Mad), CGT v. M. K. Krishna Chettiar [1973] 87 ITR 1 (Mad), K....

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....ny circumstances as to why the view taken by the Tribunal in the facts and circumstances of the case was unreasonable or unfair. The question of goodwill of a business depends upon a variety of circumstances. It depends on the location, the standing of the business, the interest of those who run it and various other factors. In the present case, the share of the deceased in the business of the fir....