...value of the goodwill of the firm because the goodwill of a firm may be taken into account only when there is a dissolution of the firm and in any event because Boatwalla had agreed that his interest in...the stock of the firm or acquired, by purchase or otherwise, by or for the firm or for the purposes and in the course of the business of the firm, and includes also the goodwill of the business.”Goodwill of the firm is expressly declared to be the property of the firm.4. Counsel for the defendants relied upon Section 55 of the Partnership Act which makes a provision...regard to sale of goodwill after dissolution. It is provided by sub-section (1) of Section 55 that:“In settling the accounts of a firm after...

...share in the profits and had gifted away 19 per cent share in the goodwill of the firm in favour of his two minor sons. He valued the goodwill and treated 19 per cent thereof as taxable gift. The Appellate Assistant Commissioner before whom the assessee appealed adopted a different...(1970) 1 SCC 415, AIR 1970 SC 1147, (1970) 3 SCR 689 this Court has held that goodwill of a firm is an asset. In CGT v. Nani Gopal Mondal...:“From the cases cited above, it appears that goodwill of a partnership business is a property of the firm in which a partner is entitled to a share. Although the above cases are under the...

...1. Smt. Parsini Devi, who was a partner having 40 per cent share in the firm of M/s. Metal Fabriks (India) Ludhiana, died on 19-8-1969. In computing the principal value of the estate of late Parsini Devi, the Assistant Controller of Estate Duty included a sum of Rs. 93,480/- on account of the share of the deceased in the goodwill of...Controller of Estate Duty v. Ved Parkash Jain, 96 ITR 303 = (1974 Tax LR 339) (Punj & Har) held that the share of goodwill of a deceased person in the assets of a firm did...of Rs. 93,480 was, therefore, deleted. The Tribunal did not go into the question, whether the share of goodwill was correctly valued at Rs. 93,480. At the instance of the Revenue, the following question has been referred to us for our decision:-- "Whether on the facts and in the circumstances of the case, share of goodwill of a deceased partner in the assets of a firm passes...

...credited with Rs. 25,000 representing the amount payable to him by the other two partners in consideration of the assessee giving up a portion of his share in the goodwill of the firm and the accounts...assessee took up the stand that, as the amount of Rs. 25,000 was received by him from the other partners in consideration of his giving up a portion of his share in the goodwill of the firm, there was no question of subjecting to tax any capital gains arising therefrom. However, the Income-tax Officer took the view that the assessee had transferred a portion...received by the assessee from the other two partners only as consideration for giving up a portion of his share in the goodwill of the firm and there was no question of any gains arising from the transfer of goodwill, the Appellate Assistant Commissioner viewed the receipt of Rs. 25,000 by the assessee as consideration for his giving up a portion...

...amounts, as the value of their share of the goodwill of the firm. Madan Lal Bhargava was given an amount of Rs. 11,250. The ITO brought this amount to tax as a capital gain treating it as compensation...† , [1971] 79 ITR 594, the Tribunal held that the amount was exempt under s. 47(ii) of the Act. Counsel for the department urged that the goodwill of a firm is...its capital asset, and the amount of money paid to a retiring partner for his share in the goodwill is a transfer of a capital asset as defined in s. 2(47). This being so, as the case of retirement of partner from a firm is not exempt under s. 47(ii), the amount received by the partner for his share in the goodwill is...

...section 5 of the Estate Duty Act, 1953, the share of the deceased in the value of the goodwill of the firm of which he was a partner was not properly...common to the first 3 questions is whether the share of the deceased of the goodwill of a firm of which he is partner can be included in the principal value of the Estate passing on the death of a deceased. Since the question has been settled by the Supreme Court in CED v. Mrudula Nareshchandra [1986] 160 ITR 342/ 26 Taxman 348, we need not go into the statements of facts. The Supreme Court has categorically held that the goodwill of a firm is...beneficial possession or enjoyment. The interest of a partner in a partnership firm was property within the meaning of section 2(15) of the Estate Duty Act, 1953, and such interest extended to the share of the partnership including goodwill. Therefore...

...name and style of Messrs. Golden Chemical Works. Gopal Singh died on September 4, 1970. By virtue of a registered will dated March 29, 1968, his share in the goodwill of the said firm came to Jagjit...appellant firm for the payment of rent of goodwill to the two Hindu undivided families, S. Jagjit Singh and S. Gurcharan Singh ?" 5. We have heard Mr. S.S. Mahajan, learned counsel for the assessee, and Mr. R.P. Sawhney, learned counsel for the Revenue. 6. The contention of Mr. Mahajan is that goodwill of a firm is...belong to a person who is not a partner. For the same reason, it was not necessary that the firm must first be dissolved in order that the goodwill can be separately dealt with. The contention of Mr...

...of the deceased partner?3. Whether, on the facts and in the circumstances of the case, the method of valuation adopted by the Tribunal for valuing the goodwill of the firm was correct in law?”2. The deceased, Nand Lal, died on December 29, 1968. At the time of his death he was a partner...skill and labour of the partners, a firm of this nature did not enjoy any goodwill at all. It was also urged that the rate of interest on the invested capital which had been put at 10% was low and that...partner in the new firms, which were formed after dissolution. It was also held that the goodwill of a firm was an asset and that the firm had goodwill. It repelled the assessee's contention that the...

...the share of the deceased in the goodwill of the firm in which he was a partner was liable to be included in the principal value of his property. This inclusion was resisted by the accountable person...the deceased would have no interest in the goodwill of the firm on his death, his share in the goodwill did not pass and as such was not liable to the charge of estate duty. The Tribunal rejected both these contentions.5. It was contended on behalf of the accountable person before the Tribunal that when a partnership...appeal by the accountable person this appeal is concerned only with the second question namely “whether the value of the interest of the deceased in the said partnership would include the goodwill of the partnership firm”. The High Court answered the question in the negative and in favour of the accountable person as mentioned hereinbefore.8. The High Court noted that the primary object of every taxing statute was to recover a tax...

....18. The goodwill of a firm, the learned counsel would urge, would also be a subject-matter of division of assets of a partnership firm irrespective of the fact as to whether the firm had thence...partners thereof. Each partner contributed towards the capital of the Firm in shares to the extent of 25%, 30%, 30% and 15% respectively. Prior to the constitution of the Firm, a newspaper known as...larger HUF consisting of himself and his partners. He had two wives, namely, Kasturidevi and Kishoridevi. Allegedly, the Firm transferred the business of publication of Dainik Bhaskar at Gwalior to a...

....“Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that no gift tax is leviable in respect of the assessee's share in the goodwill of the partnership firm, Nani Gopal Mondal and Bros. as determined by the Gift Tax Officer?2. In this case assessment year involved is 1969-1970 for which the relevant date is 7th April, 1968. The assessee, Nani Gopal Mandal, was a partner...assessee, inter alia, contended that the assessee could not transfer his 1/3rd share in the firm of Nani Gopal Mondal and Bros. and that in case of a running business of partnership no partner could predict that he had a definite share in a particular property of the firm and that the assessee did not have tiny share in the goodwill of...interpretations are possible the construction most beneficial to the subject should be adopted. Respectfully following the above principle we hold that the assessee being a partner in the firm of Nani Gopal Mondal and Bros. could not say that he had a definite share in a particular property of the firm including goodwill. Obviously...

...JUDGMENTO. Chinnappa Reddy, Actg., CJ.—Smt. Parsini Devi, who was a partner having 40 per cent. share in the firm of M/s. Metal Fabriks (India), Ludhiana, died on August 19, 1969. In computing the principal value of the estate of late Parsini Devi, the Assistant Controller of Estate Duty included a sum of Rs. 93,480 on account of the share of the deceased in the goodwill of...[1974] 96 ITR 303 (Punj) held that the share of goodwill of a deceased person in the assets of a firm did not pass on his death and, therefore, it could not be taken...into account in computing the principal value of the estate of the deceased. The addition of Rs. 93,480 was, therefore, deleted. The Tribunal did not go into the question whether the share of goodwill was correctly valued at Rs. 93,480. At the instance of the revenue, the following question has been referred to us for our decision :"Whether, on the facts and in the circumstances of the case, share of goodwill of a deceased partner in the assets of a firm passes...

...in civil law it is an established principle that goodwill of a firm is an intangible asset. In practice, if a person applies for bail he has to surrender in Court, and normally the bail application is...Imtiyaz Murtaza, J.:- This Full Bench is constituted to consider the following questions : 1. Whether the arrest of an accused is a must if cognizable offence is.... In the same judgment Hon'ble Palok Basu, J. observed (in paragraph 183) : "Once disclosure of cognizable offence is made, arrest of the accused or suspect is a "must" for there is no other known...

...Shobhalal Jain amounted to relinquishment or abandonment of her share in the goodwill of the firm and thereby in subjecting to duty her share of goodwill amounting to Rs. 2,15,000 ?" 2. The reference relates to the assessment of estate duty on the estate passing on the death of Smt. Rajrani Bahu who died on 27th November, 1968. The deceased was a partner...deceased was not paid any amount on account of her interest in the goodwill of the firm. The Asst. Controller held that the value of her share in the goodwill which he estimated at Rs, 2,25,000 ought to be included in the estate passing on her death. The Appellate Controller deleted this addition. In further appeal, the Tribunal came to the conclusion that the goodwill of a firm...Banu, AIR 1970 SC 1147. It was held in this case that goodwill of a firm is an asset and that on the death of a partner the interest of...

...decided by the Madras High Court, one of the questions raised was whether an amount of Rs. 65,898/- received by the assessee therein towards the goodwill of the firm from which he retired was assessable to tax. After discussing the scope of sub-section (2) of S. 12B the court held as follows:“Sub-clause (ii) of sub-section (2) may suggest that the capital gain arises only on the transfer of a capital...goodwill? It would appear that there is really no such cost. Goodwill is created by the trading activities of the assessee, and probably by the name he has created among his customers. Goodwill be has created among his customers. Goodwill of a firm is...am intangible asset. It is difficult to say that it costs anything in terms of money for its coming into existence. Goodwill of a firm can probably be...

...goodwill of the firm as at 1st October, 1947, to the members of the Ajit Saria group and by the other, they agreed to sell further shares in the capital and goodwill of the same firm on 1st April, 1948. The method adopted for effecting this transfer was an extremely ingenious one and of a compartmental..., Daniel Smith agreed to sell 15 per cent, of his share in the capital and the goodwill of the firm for a consideration of Rs. 1,83,750 while James Elder agreed and undertook to sell 9 per cent, of his share...the two transferors had parted with only fractions of their shares in the capital and goodwill of the firm. By the second clause Daniel Smith agreed to sell a further 15 per cent, of his shares for a...

...1994 SC 1349. The reputation of a person is a valuable asset for him just as in law the goodwill of a firm is an intangible asset. In The Gita Lord Krishna said to Arjun:For a self...order dated 28-3-2006 passed by the High Court of Karnataka at Bangalore in Criminal Petition No. 1535 of 2006 filed under Section 482 of the Code of Criminal Procedure with a...a complaint was filed on 27-12-2005 against the appellant alleging violation of Sections 25 and 30(3) of the Act before the Metropolitan Magistrate. On 30-12-2005, the Metropolitan Magistrate took...

...assets of that firm which will include the goodwill at the time of his retirement. In the present case, on the retirement of the father, his son was taken as a partner but what were the terms in the...interest in the property is deemed to be a gift. A partner may not have a right on retirement to share in future profits but at the time of retirement, he has a right in the goodwill of the firm. Whether...the purposes of gift and these rights were the shares of the retiring partner in the goodwill of a firm which has not been considered by the Income-tax Appellate Tribunal. There may be a case where...

...leave petition has been admitted would not preclude this court from considering the matter. 4. Goodwill of a firm is undoubtedly an asset. It is a property of the firm in which the.... Nani Gopal Mondal [1984] 150 ITR 469 (Cal). If a partner gifts his share in the firm or in the goodwill of the firm, it can be regarded as a gift...[1979] 120 ITR 613 (Bom), the firm originally consisted of an assessee and his son--the assessee alone was entitled to goodwill. The firm took three new partners and a new partnership deed was...

...retired from the firm without taking his share of goodwill from the above firm which amounted to relinquishing his right in the goodwill of firm in favour of incoming partners. By holding that right to share the profits of a firm...of AAC. 3. Learned counsel for the Revenue has urged that goodwill of a firm is a tangible asset capable of transfer and as the assessee has not taken his share in the goodwill at the.... There is no doubt that goodwill is an asset of a firm and like any other asset of the firm is capable of being transferred. At the same time, it is equally true that retirement of a person from a firm...