https://www.taxtmi.com/caselaws?id=339160 The High Court dismissed a review petition in an Income Tax Appeal case concerning the valuation of goodwill transferred from a proprietary concern to a private limited company for the assessment year 2009-10. The court upheld the tribunal's decision, noting that the alleged goodwill was not adequately supported by evidence and that the share capital allotment exceeded the assignor's assets and liabilities. Despite arguments based on Income Tax Act sections and accounting standards, the court concluded that it could not reassess compliance requirements and provisions, ultimately leading to the dismissal of the review petition. en-us Thu, 09 Feb 2017 00:00:00 +0530 Fri, 17 Feb 2017 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339160 The High Court dismissed a review petition in an Income Tax Appeal case concerning the valuation of goodwill transferred from a proprietary concern to a private limited company for the assessment year 2009-10. The court upheld the tribunal's decision, noting that the alleged goodwill was not adequately supported by evidence and that the share capital allotment exceeded the assignor's assets and liabilities. Despite arguments based on Income Tax Act sections and accounting standards, the court concluded that it could not reassess compliance requirements and provisions, ultimately leading to the dismissal of the review petition. Case-Laws Income Tax Thu, 09 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339160