https://www.taxtmi.com/caselaws?id=7323 Section 66(2) of the Indian Income-tax Act, 1922 could not be invoked unless the party had first made a section 66(1) application and the Tribunal had refused to state the case; procedural rules could not enlarge that statutory right, so the assessee's reference on that footing failed. On the substantive tax issue, the transfer of rights on dissolution included goodwill, but self-created goodwill was treated as an intangible asset not intended to be taxed as capital gains under section 12B. The question of capital gains liability was also within the scope of the reference because it was implicit in the issue framed. Capital gains on the transfer of self-created goodwill were therefore not taxable. en-us Fri, 27 Sep 1968 00:00:00 +0530 Tue, 17 Feb 2009 20:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7323 Section 66(2) of the Indian Income-tax Act, 1922 could not be invoked unless the party had first made a section 66(1) application and the Tribunal had refused to state the case; procedural rules could not enlarge that statutory right, so the assessee's reference on that footing failed. On the substantive tax issue, the transfer of rights on dissolution included goodwill, but self-created goodwill was treated as an intangible asset not intended to be taxed as capital gains under section 12B. The question of capital gains liability was also within the scope of the reference because it was implicit in the issue framed. Capital gains on the transfer of self-created goodwill were therefore not taxable. Case-Laws Income Tax Fri, 27 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7323