https://www.taxtmi.com/caselaws?id=5845 Section 45 of the Income-tax Act applies only where transfer of a capital asset produces a gain that can be computed under the capital gains machinery. The scheme of sections 48, 49, 50 and 55 proceeds on the basis that the asset has an ascertainable cost of acquisition and a determinable date of acquisition. Self-generated goodwill in a newly commenced business has no such ascertainable cost or certain acquisition date. On that basis, its transfer is outside the charging framework for capital gains and is not taxable under section 45. en-us Thu, 19 Feb 1981 00:00:00 +0530 Fri, 01 Jul 2016 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5845 Section 45 of the Income-tax Act applies only where transfer of a capital asset produces a gain that can be computed under the capital gains machinery. The scheme of sections 48, 49, 50 and 55 proceeds on the basis that the asset has an ascertainable cost of acquisition and a determinable date of acquisition. Self-generated goodwill in a newly commenced business has no such ascertainable cost or certain acquisition date. On that basis, its transfer is outside the charging framework for capital gains and is not taxable under section 45. Case-Laws Income Tax Thu, 19 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5845