1980 (2) TMI 73

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.... instance of the Controller of Estate Duty, the Income-tax Appellate Tribunal, Allahabad, has in connection with the estate duty assessment of the estate of Sri Bhagwan Das, stated the case and has referred the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that M/s. Mosaram Bhagwan Das and M/s....

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....r an agency agreement with M/s.Burmah-Shell and one of them also dealt in foreign liquor in accordance with a licence granted under the U.P. Excise Act, none of the businesses carried on by the two firms was transferable and that the two firms did not have any goodwill. The Appellate Controller rejected the contention of the accountable person but then he modified the value of the share of the dec....

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.... of the licence. In the circumstances, the right to carry on such a business did not create a goodwill, any share of which could, on the death of a partner, pass on to his heirs or legal representatives. Goodwill is the benefit and advantage of the good name, reputation and connection of business. In our opinion, the Tribunal was right in holding that in a case where the business was being done....