Deemed transfer of goodwill reduction treated as transfer under the Income tax Act, affecting capital gains computation. An Explanation to section 50 deems reduction in the amount of goodwill of a business or profession, when removed from the block of assets under the relevant provision of section 43, to be a transfer for purposes of section 50, thereby subjecting such reduction to transfer-related tax treatment with retrospective effect.
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.
Deemed transfer of goodwill reduction treated as transfer under the Income tax Act, affecting capital gains computation.
An Explanation to section 50 deems reduction in the amount of goodwill of a business or profession, when removed from the block of assets under the relevant provision of section 43, to be a transfer for purposes of section 50, thereby subjecting such reduction to transfer-related tax treatment with retrospective effect.
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