https://www.taxtmi.com/caselaws?id=215189 The Tribunal held that the compensation received by the assessee for transferring her business as a going concern, inclusive of goodwill, was a capital receipt liable to capital gains tax under section 50B of the Income Tax Act. The Tribunal rejected the AO's assertion that the compensation was for not carrying out any business activity, emphasizing that it was for the transfer of the business itself. The assessee's computation of long-term capital gains and claim for exemption under section 54F were deemed correct, leading to the dismissal of the Department's appeal. en-us Fri, 25 May 2012 00:00:00 +0530 Thu, 23 May 2013 18:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215189 The Tribunal held that the compensation received by the assessee for transferring her business as a going concern, inclusive of goodwill, was a capital receipt liable to capital gains tax under section 50B of the Income Tax Act. The Tribunal rejected the AO's assertion that the compensation was for not carrying out any business activity, emphasizing that it was for the transfer of the business itself. The assessee's computation of long-term capital gains and claim for exemption under section 54F were deemed correct, leading to the dismissal of the Department's appeal. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215189