https://www.taxtmi.com/caselaws?id=15352 The High Court upheld the Tribunal's decision, affirming the assessee's entitlement to deduct Rs. 2,00,000 for goodwill cost from the cinema theatre's sale consideration. The court determined that the goodwill was an integral part of the business assets sold, allowing for the deduction. The court found that the transaction constituted a transfer under the Income-tax Act, leading to the application of Section 45 on capital gains. The assessee's appeal was successful, resulting in a capital loss of Rs. 2,00,000 deductible from the sale consideration. en-us Thu, 08 Jan 1998 00:00:00 +0530 Thu, 06 Aug 2009 10:40:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15352 The High Court upheld the Tribunal's decision, affirming the assessee's entitlement to deduct Rs. 2,00,000 for goodwill cost from the cinema theatre's sale consideration. The court determined that the goodwill was an integral part of the business assets sold, allowing for the deduction. The court found that the transaction constituted a transfer under the Income-tax Act, leading to the application of Section 45 on capital gains. The assessee's appeal was successful, resulting in a capital loss of Rs. 2,00,000 deductible from the sale consideration. Case-Laws Income Tax Thu, 08 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15352