https://www.taxtmi.com/caselaws?id=9230 The High Court held that the consideration received for the transfer of goodwill by a partnership firm is not subject to capital gains tax under Section 45 of the Income-tax Act, 1961. The Court emphasized that goodwill is a self-created intangible asset with an indeterminable cost of acquisition, leading to the conclusion that capital gains tax does not apply to its transfer. The decision aligned with precedents from various High Courts and underscored the importance of uniform interpretation of tax laws. The Court ruled in favor of the assessee, affirming the Tribunal's decision and awarding costs. en-us Thu, 04 Jul 1974 00:00:00 +0530 Sat, 20 Jun 2009 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9230 The High Court held that the consideration received for the transfer of goodwill by a partnership firm is not subject to capital gains tax under Section 45 of the Income-tax Act, 1961. The Court emphasized that goodwill is a self-created intangible asset with an indeterminable cost of acquisition, leading to the conclusion that capital gains tax does not apply to its transfer. The decision aligned with precedents from various High Courts and underscored the importance of uniform interpretation of tax laws. The Court ruled in favor of the assessee, affirming the Tribunal's decision and awarding costs. Case-Laws Income Tax Thu, 04 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9230