1980 (2) TMI 73

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..... he Income-tax Appellate Tribunal, Allahabad, has in connection with the estate duty assessment of the estate of Sri Bhagwan Das, stated the case and has referred the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that M/s. Mosaram Bhagwan Das and M/s. Jagdish Prasad, Sitapur, had no goodwill? " .....

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..... one of them also dealt in foreign liquor in accordance with a licence granted under the U.P. Excise Act, none of the businesses carried on by the two firms was transferable and that the two firms did not have any goodwill. The Appellate Controller rejected the contention of the accountable person but then he modified the value of the share of the deceased in the goodwill of the two firms as comput .....

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..... to carry on such a business did not create a goodwill, any share of which could, on the death of a partner, pass on to his heirs or legal representatives. Goodwill is the benefit and advantage of the good name, reputation and connection of business. In our opinion, the Tribunal was right in holding that in a case where the business was being done under a licence or under an agency agreement whic .....

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