1980 (2) TMI 73 - HC - Income Tax

Summary

The High Court of Allahabad ruled that firms with non-transferable licenses or agency agreements do not possess goodwill. The Tribunal held that such businesses do not benefit from reputation or connection and therefore do not have goodwill. The judgment favored the accountable person, stating that the deceased's share in the firms' goodwill should not be included in his estate.