https://www.taxtmi.com/caselaws?id=188160 The Kerala High Court treated the transfer date of business assets as a factual question and accepted the Tribunal's finding that the transfer occurred on 3 May 1946, after 1 April 1946. It further held that goodwill is property of wide statutory meaning, so an intangible asset such as goodwill falls within the definition of capital asset and the excess realised on its transfer is chargeable under section 12B. The Court also stated that its power under section 66(4) cannot be used to introduce a new and independent question not already referred by the Tribunal, so the request to enlarge the reference failed. en-us Wed, 23 Dec 1959 00:00:00 +0530 Sat, 19 Nov 2016 17:03:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188160 The Kerala High Court treated the transfer date of business assets as a factual question and accepted the Tribunal's finding that the transfer occurred on 3 May 1946, after 1 April 1946. It further held that goodwill is property of wide statutory meaning, so an intangible asset such as goodwill falls within the definition of capital asset and the excess realised on its transfer is chargeable under section 12B. The Court also stated that its power under section 66(4) cannot be used to introduce a new and independent question not already referred by the Tribunal, so the request to enlarge the reference failed. Case-Laws Income Tax Wed, 23 Dec 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188160