Treatment of professional goodwill aligned with business intangibles, equating cost provisions for acquisition and improvement. The amendment inserts 'or profession' into section 55 so that capital assets comprising goodwill and rights to carry on a profession are treated like business-related intangibles: cost of improvement is nil, and cost of acquisition is the purchase price if bought or nil otherwise, aligning professional goodwill and professional rights with existing rules for business assets.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Treatment of professional goodwill aligned with business intangibles, equating cost provisions for acquisition and improvement.
The amendment inserts "or profession" into section 55 so that capital assets comprising goodwill and rights to carry on a profession are treated like business-related intangibles: cost of improvement is nil, and cost of acquisition is the purchase price if bought or nil otherwise, aligning professional goodwill and professional rights with existing rules for business assets.
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