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TMI Blog1985 (10) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 referred above, we would state the facts in brief. Shri Manilal Shivlal along with b is bro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... troller 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 tax paid earlier and this special feature should not be included while calculating the goodw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 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. Ismail v. CED [1974] 97 ITR 201 (Mys) and CED v. Estate of Late G. Venkatasubbaiah [1982] 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 firm was simply 56% at the time of his death. Admittedly, there was no specific agency of the firm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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