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1972 (8) TMI 12 - MADRAS HIGH COURTManaging agency agreement - right to receive share income - basis adopted for the valuation of the goodwill - hold that the deceased's share in the two managing agency firms had rightly been included in his estate - Deputy Controller valued the goodwill by estimating the profits which would have been earned for the period of seven years. But the Board, on appeal, re-valued the goodwill on the basis of actual profits – hold that valuation of goodwill on the basis of the actual profits would be proper
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