1985 (10) TMI 40

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..... iness expenses " having been paid to the heirs of the deceased partner Mongi Lal, who died on August 18, 1972. In the return, the payment was said to have been made on account of goodwill of the firm. The assessing authority, taking the amount as having been paid for purchase of the goodwill, disallowed the same as business expenses. Its finding was affirmed on appeal by the Appellate Assistant Co .....

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..... l or for its use ". Obviously the answer has to be that it was only the exclusive use of the goodwill which was purchased. As the firm had never been dissolved and was continuing, the remaining partners bad the right to use the goodwill. Similar right the heirs of the deceased partner have. So, by making the said payment, the continuing partners acquired use of the goodwill to the exclusion of the .....

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