https://www.taxtmi.com/caselaws?id=1779 Transfer of acquired leasehold rights in a hotel business was treated as capital gains, not self-generated goodwill, and the assessing authority was required to determine the cost of acquisition on the evidence. The court held that the later deeming provision for certain intangible assets did not apply to the assessment year in question, so the authorities erred in refusing to undertake the computation exercise. Because the receipt fell under the capital gains head, it could not be reassessed under income from other sources merely because computation under the capital gains provisions was disputed. The matter was sent back for determination of the cost of acquisition. en-us Wed, 20 Jun 2007 00:00:00 +0530 Sat, 02 Aug 2008 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1779 Transfer of acquired leasehold rights in a hotel business was treated as capital gains, not self-generated goodwill, and the assessing authority was required to determine the cost of acquisition on the evidence. The court held that the later deeming provision for certain intangible assets did not apply to the assessment year in question, so the authorities erred in refusing to undertake the computation exercise. Because the receipt fell under the capital gains head, it could not be reassessed under income from other sources merely because computation under the capital gains provisions was disputed. The matter was sent back for determination of the cost of acquisition. Case-Laws Income Tax Wed, 20 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1779