( 1 ) IN this reference under Section 64 (1) of the E. D. Act, 1953, arising out of the estate duty proceedings consequent on the death of one George Galstaun Apcar, deceased, we are concerned with the question regarding valuation of the goodwill of a partnership in which the deceased, during his lifetime, was a partner.

( 2 ) FOR better appreciation of the question referred to the court for its opinion, it is necessary to set out some of the relevant facts. They are: The deceased, John Galstaun Apcar (hereinafter referred to as "the deceased "), along with Mr. John S. Gregory and Mr. Sukumar Dey (hereinafter referred to as " the accountable persons ") were partners in a firm, M/s. Talbot and Co. , Calcutta, constituted by a deed of partnership dated December 14, 1962. The terms of the said deed of partnership relevant for our purpose may be stated. They are :" 17. As soon as possible after the 31st day of December in every year during the continuance of the partnership a general account shall be made up to such date of the credits, property, effects, debts and liabilities of the partnership and of all transactions matters and things usually comprehended in a gener