https://www.taxtmi.com/caselaws?id=8672 Whether sale proceeds attributable to goodwill of a profession constitute taxable capital gains under ss.45, 48 and 55 of the Income-tax Act: the court held that goodwill arising from personal effort over years is a capital asset whose cost of acquisition and cost of improvement are incapable of monetary determination; the option under s.55(2)(i) is inapplicable where cost cannot be ascertained. Because computation of gains under s.48 is impossible, no taxable profit under s.45 can be determined in respect of that goodwill; accordingly the amount received for the goodwill is not assessable as capital gains. en-us Tue, 18 Jul 1972 00:00:00 +0530 Mon, 19 Jan 2026 18:45:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8672 Whether sale proceeds attributable to goodwill of a profession constitute taxable capital gains under ss.45, 48 and 55 of the Income-tax Act: the court held that goodwill arising from personal effort over years is a capital asset whose cost of acquisition and cost of improvement are incapable of monetary determination; the option under s.55(2)(i) is inapplicable where cost cannot be ascertained. Because computation of gains under s.48 is impossible, no taxable profit under s.45 can be determined in respect of that goodwill; accordingly the amount received for the goodwill is not assessable as capital gains. Case-Laws Income Tax Tue, 18 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8672