https://www.taxtmi.com/caselaws?id=8813 The court held that the goodwill of the firm is a self-acquired asset and not subject to capital gains tax. The amount received by the assessee for their share in the goodwill of the firm was considered part of their share in the partnership assets, not a transfer of goodwill interest. As a result, the retirement of the assessee did not amount to dissolution of the firm, making any potential capital gains non-taxable. The court ruled in favor of the assessee on all issues and directed the Commissioner to pay the costs of each reference. en-us Fri, 24 Sep 1971 00:00:00 +0530 Thu, 04 Jun 2009 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8813 The court held that the goodwill of the firm is a self-acquired asset and not subject to capital gains tax. The amount received by the assessee for their share in the goodwill of the firm was considered part of their share in the partnership assets, not a transfer of goodwill interest. As a result, the retirement of the assessee did not amount to dissolution of the firm, making any potential capital gains non-taxable. The court ruled in favor of the assessee on all issues and directed the Commissioner to pay the costs of each reference. Case-Laws Income Tax Fri, 24 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8813