TaxTMI 
TaxTMI 
1981 (1) TMI 93
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.... by the Asst. CED as representing the share of good will of the deceased in the firm of M/s. Mehta Brother (India) The facts of the case are that Shri P.P. Mehta expired on 1st Dec., 1974 and the Accountable Person Shri P.S. Mehta stated before the Asstt. CED that the deceased was as partner in the firm of M/s Mehta Brothers (India) and that the firm had no good will as such, as the business was b....
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....he partnership firm M/s Mehta Brothers (India) was in Paper and Resin of semi-wholesale basis and the principal place of business was far away from the centralised business area and since it is a partnership consisted of two partners. after the death of one partner the firm was dissolved and hence it had been argued that there is no goodwill I, fully agree with the contention of the appellant inas....
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.... Prem Nath 1977 CTR (P&H). 187; (1977) 106 ITR 446 (P&H). 106 ITR 446 (P&H). He pointed out that though the business of the firm was thereafter continued as a proprietary concern the Accountable person, the business was of standing and had become established and could attract good customer. Therefore it could not be said that there was no goodwill though the firm might have been dissolved as such.....
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.... both the sides Considering the facts as now presented before us by the ld. counsel for the Accountable person ad which were not disputed before us by the ld. Deptl. Rep. We do not think that there was any good will worth the name which could be said to have passed on the death of Mrs. Mehta Considering the fact that the business of the firm was totally discontinued at the residence it could not b....