1983 (4) TMI 27 - HC - Income Tax

Summary

The High Court of Allahabad held that no goodwill passed on the death of Shri Ram Bharosey Lal under the E.D. Act, 1953. The Tribunal found that the partnership deed did not allow for any adjustment for goodwill in case of death or retirement of a partner. The Tribunal concluded that the goodwill did not devolve to the wife of Ram Bharosey Lal. The court ruled in favor of the accountable person, stating that the benefit of goodwill was not liable to estate duty. The Department was ordered to pay the costs of Rs. 200.