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TMI Blog1981 (3) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... le person should be treated as having made a disposition in respect of the goodwill as such disposition includes the extinguishment at the expense of the deceased of any right. According to him, as this disposition was within two years of his death this was includible u/s. 9 of the ED Act. He then proceeded to value the goodwill on the basis of the income of the last five years. 3. When the matter came before the Appellate CED as he found that the retirement deed of the deceased executed six days before his death was a unilateral document to which other partners were not parties. He further held that s. 9 of the ED Act was applicable to this case. He further upheld the valuation of goodwill made by the Asstt. Controller. 4. It is subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble to hold that share of assets in general or in any asset in particular had been given up without consideration. It was further held that there was no gift of the share in goodwill and the provisions contained in s. 9 were not attracted. 6. The ld. counsel further submitted that the inclusion of the goodwill was excessive and the remuneration allowed was less than reasonable. 7. We have considered the facts of the case and we are of the view that the fact of retirement of the deceased a few days prior to his death cannot be disputed in view of the reference made to it in other deeds as well. In the partnership deed dt. 21st October, 1974 the fact of his retirement from 9th October, 1974 leaving the concern with all its assets and li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of M. Lakshmana vs. CED (1964) 53 ITR 20 (Mys) it has been observed that un-assessed income-tax on the deceased is an incumbrance or charge on the estate within the meaning of s. 44 and would also be deductible. 10. We have considered the facts of the case and we are of the view that the clause in the settlement relied upon by the Asstt. Controller should not come in the way of allowing deduction. The deduction is allowable under law and the clause of agreement clearly says that the settlement will not adversely affect the Estate Duty assessment as the tax payable for earlier years was more than the undisclosed capital of those years. Though the agreement was arrived at after the death of the deceased the assessments related to the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has to be a presumption of notional partition and at the time of such notional partition between the coparceners there has to be a provision for the marriage of unmarried daughters. In this connection reference was made to Mulla's Commentary on Hindu Law at page 474 wherein it has been stated that the joint family was liable for the marriage of the daughters of the male members of the family. Reliance was further placed on the Commentary on Hindu Law P.N. Chadha at page 371. It is stated that when a partition takes place provision must first be made for joint family debts, maintenance of dependent females and marriages expenses of unmarried daughters or sister but not of any coparcener. 13. We have considered the facts of the case and w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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