https://www.taxtmi.com/caselaws?id=69522 The Tribunal, by majority view, dismissed the department's appeal and upheld the Commissioner (Appeals)'s decision that no capital gains were chargeable on the Rs. 4 lakhs received for the transfer of the business name and goodwill. The Tribunal found that the consideration was rightly attributed to the goodwill of the business, which had significant value due to its long-standing existence since 1946. The Tribunal concluded that the Income Tax Officer's claims regarding the route permits lacked substantial evidence and were based on mere suspicion, leading to the rejection of capital gains charges. en-us Fri, 28 Jun 1985 00:00:00 +0530 Thu, 07 Apr 2011 14:24:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69522 The Tribunal, by majority view, dismissed the department's appeal and upheld the Commissioner (Appeals)'s decision that no capital gains were chargeable on the Rs. 4 lakhs received for the transfer of the business name and goodwill. The Tribunal found that the consideration was rightly attributed to the goodwill of the business, which had significant value due to its long-standing existence since 1946. The Tribunal concluded that the Income Tax Officer's claims regarding the route permits lacked substantial evidence and were based on mere suspicion, leading to the rejection of capital gains charges. Case-Laws Income Tax Fri, 28 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69522