https://www.taxtmi.com/caselaws?id=191152 A transfer of an entire business and stock-in-trade to a company effectively identical in ownership and control will not generate a taxable profit where the transaction is in substance a reorganisation or slump transfer rather than a genuine sale to an independent purchaser; therefore no amount is assessable as profit on such transfer. A capital sum labelled as goodwill in this context does not constitute independently realisable or taxable goodwill where the company does not adopt the vendor's business identity, there is no restraint covenant, and the sum is attributable to surplus in valuation of land held as stock in trade; accordingly it is not taxable as goodwill. en-us Wed, 13 Dec 1961 00:00:00 +0530 Wed, 22 Mar 2017 16:41:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191152 A transfer of an entire business and stock-in-trade to a company effectively identical in ownership and control will not generate a taxable profit where the transaction is in substance a reorganisation or slump transfer rather than a genuine sale to an independent purchaser; therefore no amount is assessable as profit on such transfer. A capital sum labelled as goodwill in this context does not constitute independently realisable or taxable goodwill where the company does not adopt the vendor's business identity, there is no restraint covenant, and the sum is attributable to surplus in valuation of land held as stock in trade; accordingly it is not taxable as goodwill. Case-Laws Income Tax Wed, 13 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191152