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Section 2(15) of the Estate Duty Act, 1953 - Property - Definition of - Refund of income-tax due to deceased could not be treated as property available to deceased at time of his death, for purposes of estate duty, when concurrent finding of Tribunal as well as High Court was that income-tax refund due to deceased had not become crystallized on date of his death [In favour of assessee] Section 2(15) of the Estate Duty Act, 1953 - Property - Definition of - Question as to whether application of mutiplier of one year's purchase price for evaluating goodwill of firm in which deceased was a partner, when at relevant time market conditions for firm's tea export business were not congenial, was a pure question of fact [In favour of assessee] CASE REVIEW Nalini V. Saraf v. Controller of Estate Duty [2004] 268 ITR 223/135 Taxman 298 (Ker.)affirmed. CASES REFERRED TO Estate of Late Gen. Sir Shankar S.S.J.B. Rana v. Controller of Estate Duty[1990] 186 ITR 578/52 Taxman 310 (Bom.) (para 6). JUDGMENT Civil Appeal No.8247 of 2004 S.H. Kapadia, J. - Heard learned counsel on both sides. 2. This civil appeal is filed by the Controller of Estate Duty, Kerala, against the decision dated 18th July, 2003, delivered by the Kerala High Court in Tax Reference No.62 of 1998. 3. One V.G. Saraf passed away on 18th October, 1984. He was a partner in M/s. Saraf Trading Corporation, a partnership Firm carrying on business as commission agents and as exporters of Tea. The Firm was constituted under Deed of Partnership dated 27th November, 1963. The Firm had three partners. The deceased had fifty per cent shares in profit and loss. On 16th September, 1981, the Firm was re-constituted with the admission of one more partner and a minor. The Assistant Controller of Estate Duty, inter alia, held that, for determining the value of goodwill, there were two methods of valuation, namely, super-profit method and total capitalization method. The Assistant Controller preferred the super-profit method. It may be noted that, in this case, the method is not in dispute. What is in dispute is the application of the super-profit method to the facts of the present case. Applying the super-profit method, the…

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