https://www.taxtmi.com/caselaws?id=18315 HC held that the Tribunal erred in upholding the Commissioner's direction under s.263 to reopen enquiry into a goodwill account for AY 1974-75. The Commissioner's action lacked any basis that the ITO had erroneously failed to tax the goodwill or that the order was prejudicial to Revenue. The court found the goodwill was self-generated and not chargeable to capital gains, and any transfer on dissolution or to a partner-company occurred outside the relevant assessment period or was not taxable under the law then prevailing. The s.263 direction was quashed. en-us Thu, 09 Nov 1995 00:00:00 +0530 Wed, 15 Oct 2025 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18315 HC held that the Tribunal erred in upholding the Commissioner's direction under s.263 to reopen enquiry into a goodwill account for AY 1974-75. The Commissioner's action lacked any basis that the ITO had erroneously failed to tax the goodwill or that the order was prejudicial to Revenue. The court found the goodwill was self-generated and not chargeable to capital gains, and any transfer on dissolution or to a partner-company occurred outside the relevant assessment period or was not taxable under the law then prevailing. The s.263 direction was quashed. Case-Laws Income Tax Thu, 09 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18315