https://www.taxtmi.com/caselaws?id=8089 Transfer of business assets to a private limited company controlled by the assessee was treated, in substance, as a transfer by a separate juristic person, so the excess realised on machinery and furniture over book value was chargeable as capital gain under section 12B. By contrast, the amount received for goodwill was not taxable as capital gain because goodwill had no ascertainable actual cost in money terms to the assessee for computation under the charging provision. The result was that only the identifiable excess on the transfer of tangible assets fell within capital gains tax, while the goodwill component remained outside the charge. en-us Fri, 23 Oct 1970 00:00:00 +0530 Sat, 28 Mar 2009 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8089 Transfer of business assets to a private limited company controlled by the assessee was treated, in substance, as a transfer by a separate juristic person, so the excess realised on machinery and furniture over book value was chargeable as capital gain under section 12B. By contrast, the amount received for goodwill was not taxable as capital gain because goodwill had no ascertainable actual cost in money terms to the assessee for computation under the charging provision. The result was that only the identifiable excess on the transfer of tangible assets fell within capital gains tax, while the goodwill component remained outside the charge. Case-Laws Income Tax Fri, 23 Oct 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8089