https://www.taxtmi.com/caselaws?id=254592 The court held that the consideration received for the transfer of goodwill was taxable as 'profits and gains of business' under Section 28(ii)(c) and not as 'capital gains' under Section 45 of the Income Tax Act. The court found that the payment was in connection with the termination of the agency agreement, making it taxable under Section 28(ii)(c). The Commissioner of Income Tax's decision to revise the assessment order was upheld, and the appeal was dismissed in favor of the revenue. en-us Tue, 02 Dec 2014 00:00:00 +0530 Wed, 13 May 2015 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254592 The court held that the consideration received for the transfer of goodwill was taxable as 'profits and gains of business' under Section 28(ii)(c) and not as 'capital gains' under Section 45 of the Income Tax Act. The court found that the payment was in connection with the termination of the agency agreement, making it taxable under Section 28(ii)(c). The Commissioner of Income Tax's decision to revise the assessment order was upheld, and the appeal was dismissed in favor of the revenue. Case-Laws Income Tax Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254592