Controller Of Estate Duty, Kerala vs Nalini V. Saraf

The Supreme Court upheld the Kerala High Court's decision regarding the valuation of goodwill and income tax refunds in the estate of V.G. Saraf, who passed away on 18th October 1984. The Court affirmed the Tribunal's application of a one-year purchase multiplier for goodwill valuation, rejecting the Assistant Controller's three-year multiplier as excessive. Additionally, it was held that income tax refunds had not crystallized at the time of death and thus did not constitute property of the estate, referencing Estate of Late General Sir Shankar S.S.J.B. Rana vs. Controller of Estate Duty [1990] (186 I.T.R.578). The appeal was dismissed with no order as to costs.