Judgment

SHELAT, J. :- Prior to November 1948, one Padamsi Haridas carried on his profession as a chartered accountant in the name of Devidas Vithaldas and Co. By a deed of partnership, dated November 30, 1948, he took one Amratlal Parikh as a partner, reserving, however, to himself all the rights and interests in the goodwill of that business.

2. On January 2, 1951, he retired from the said partnership. Clause (1) of the Deed of Dissolution executed on that occasion provided that the said partnership shall be deemed to have been dissolved as from December 31, 1950, but the business shall, as from that date, be carried on in the said name by the said Amratlal alone. Cl. (2) of the said deed ran as follows :-

"2. The goodwill of the late partnership belonged to the said Padamsi alone. He has agreed to sell the name to the said Amratlal. As consideration for and in full satisfaction of the purchase price of the goodwill of the said late partnership the said Amritlal shall-

(a) pay to the said Padamsi for and during the term of his natural life a share of eight annas in the rupee in the net profits of the said business or profession which the said Amratlal shall hereafter carry on in the