Goodwill transfer amount not taxable as capital gains per High Court ruling.

The High Court of Bombay held that the amount received for transferring the goodwill of the business was not taxable under 'Capital gains', following a precedent set by the Supreme Court in CIT v. B. C. Srinivasa Setty [1981] 128 ITR 294.

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The High Court of Bombay ruled in favor of the assessee, stating that the amount received for transferring the goodwill of the business was not chargeable to tax under the head 'Capital gains'. The judgment was based on a previous Supreme Court ruling in CIT v. B. C. Srinivasa Setty [1981] 128 ITR 294.

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