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1973 (9) TMI 13 - HC - Income TaxEstate Duty Act, 1953 - " (1) Whether the inclusion of the share of goodwill at 2 years' purchase of average profits in M/s. Ismail Haji Suleman Sait, Hospet, as belonging to the deceased is valid in law ? (2) Whether the inclusion of Rs. 71,900 being the gifts (inclusive of interest) made by the deceased to his wife and five sons, by applying the provisions of section 10 of the Estate Duty Act, 1953, is valid in law ? " (3) Whether Tribunal was justified in not entertaining the additional ground raised by the assessee ? " - On the material on record, it cannot be said that the Tribunal had no material to hold that there was a goodwill of the business. The usual rate of capitalisation in the case of ordinary retail customary business not very well established is two years' average profits. Therefore, there is no error in the valuation made by the Tribunal. Accordingly, question No. 1 is answered in the affirmative and against the accountable person
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