CONTROLLER OF ESTATE DUTY Vs. VENKATASUBBAIAH G LATE

JUDGEMENT

(1.) THIS is a reference made under Section 64(1) of the E.D. Act of 1953, at the instance of the Controller of Estate Duty, Andhra Pradesh, Hyderabad, for the opinion of this court on the following questions of law :

(2.) THE facts giving rise to the above reference as set out in the statement of case drawn up by the Appellate Tribunal may be briefly stated.

(3.) WE are in entire agreement with the reasons assigned by the Tribunal and hold that the goodwill of the firm could be valued only with reference to the trading profits of the firm and not with reference to both the manufacturing and trading profits as adopted by the Appellate Controller. Question No. 1 is, therefore, answered in the affirmative and in favour of the accountable person.