https://www.taxtmi.com/caselaws?id=12009 The court held that the transaction was a device to avoid tax, ruling against the assessee and holding him liable for capital gains tax on the value of the business transferred. However, the court ruled in favor of the assessee regarding the goodwill amount, stating that it should not be taxed. en-us Mon, 02 Sep 2002 00:00:00 +0530 Sun, 14 Feb 2010 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12009 The court held that the transaction was a device to avoid tax, ruling against the assessee and holding him liable for capital gains tax on the value of the business transferred. However, the court ruled in favor of the assessee regarding the goodwill amount, stating that it should not be taxed. Case-Laws Income Tax Mon, 02 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12009