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Section 5 of the Estate Duty Act, 1953 - Property passing on death - 'S' was a partner in a firm which was selling agent of 'V' under an agreement - 'S' died during currency of that agreement - Whether share of 'S' in goodwill of firm could be legitimately counted for purpose of estate duty - Held, yes FACTS The firm 'K', of which, late 'S' was a partner, had been working as a selling agent of the vegetable products of 'V' and the agreement entered into between the two was being renewed from time to time. 'S' died during the currency of the said agreement. The Assistant Controller assessed the estate of late 'S' by including the value of his share in the goodwill of the firm 'K'. On appeal by the accountable person, the Appellate Controller upheld the decision of the Assistant Controller but reduced the value of the share of the deceased in the goodwill of the firm. On further appeal, the Tribunal upheld the findings of the Appellate Controller. In reference to the High Court under section 64(1), the accountable person contended that the Tribunal was never certain about the goodwill of the firm and, therefore, there was no occasion for it to uphold the finding recorded by the Appellate Controller. HELD The finding recorded by the Appellate Controller on the issue of goodwill of the firm 'K' could not be termed as perverse and the mere fact that the Tribunal made some casual observations in its order about the contention allegedly made by the accountable person and, later on, diluted the same by observing that there was no positive material to justify the said observation, did not call for interference by the Court.[Para 7] CASES REFERRED TO CED v. Smt. Pushpa Anand [1999] 235 ITR 534 (Punj. & Har.) [Para 5], IRC v. Muller & Co.'s Margarine Ltd. [1901] AC 217 (HL) [Para 5], Rustom Cavasjee Cooper v. Union of India [1970] 40 Comp. Cas. 325 (SC) [Para 5], CIT v. B.C. Srinivasa Setty [1981] 128 ITR 294/ 5 Taxman 1 (SC) [Para 5], State v. Prem Nath [1977] 106 ITR 446 (Punj. & Har.) (FB) [Para 5], CED v. Mrudula Nareshchandra [1986] 160 ITR 342 (SC) [Para 5], S.C. Cambatta & Co. (P.) Ltd. v. CEPT [1961] 41 ITR 500 (SC) [Para 5], Smt. Vindoor Bai v.…

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