https://www.taxtmi.com/caselaws?id=67853 The Appellate Tribunal ITAT Jaipur dismissed the revenue's appeal against the CIT(A) order, ruling that the right to receive shares did not qualify as an asset under section 45 of the IT Act. The case involved the transfer of shares by the assessee to strangers, with the Tribunal applying a Supreme Court ruling that clarified goodwill was not considered an asset. As the right to receive shares did not involve a cost of acquisition, it was deemed not chargeable for capital gains tax. Consequently, the Tribunal held that no capital gain arose from the transfer, leading to the appeal's dismissal. en-us Fri, 29 Jul 1983 00:00:00 +0530 Tue, 15 Mar 2011 10:41:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67853 The Appellate Tribunal ITAT Jaipur dismissed the revenue's appeal against the CIT(A) order, ruling that the right to receive shares did not qualify as an asset under section 45 of the IT Act. The case involved the transfer of shares by the assessee to strangers, with the Tribunal applying a Supreme Court ruling that clarified goodwill was not considered an asset. As the right to receive shares did not involve a cost of acquisition, it was deemed not chargeable for capital gains tax. Consequently, the Tribunal held that no capital gain arose from the transfer, leading to the appeal's dismissal. Case-Laws Income Tax Fri, 29 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67853