9911796707
TMI Blog1985 (9) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... ether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the share in the value of the goodwill is not includible in the estate of the deceased ? The facts are that there was a partnership firm by the name of M/s. Sukhlal Manik Chand. The partners of the firm were Rikhab Chand Bararia and Sukhlal Manik Chand. The former died on January 9, 1965. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set which could pass on the death of a person, but modified the quantum thereof. The assessee as well as the Revenue being aggrieved by the order of the Appellate Controller filed separate appeals to the Appellate Tribunal. The Appellate Tribunal, on the basis of a decision of the Punjab and Haryana High Court in CED v. Ved Parkash Jain [1974] 96 ITR 303, held that the Assistant Controller and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Full Bench of the Punjab and Haryana High Court itself in State v. Prem Nath [1977] 106 ITR 446. 0. Chinnappa Reddy, J. presiding over the Full Bench, stated in explicit terms that the earlier decision of that High Court had been wrongly made. The Full Bench observed as follows (headnote): " The goodwill of a firm is an asset of the firm, the share of the deceased partner in which, along with h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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