https://www.taxtmi.com/caselaws?id=23800 Surplus on transfer of self-generated goodwill was held not to be assessable as capital gains where the goodwill had no cost of acquisition and was not shown as an asset in the books. The business was transferred as a whole at book value, no separate consideration was received for goodwill, and the provision for capital gains could not be applied to an estimated difference treated as income. The stated principle is that self-generated goodwill without acquisition cost does not fall within the capital gains charging machinery in the first proviso to section 12B(2) of the Indian Income-tax Act, 1922. en-us Thu, 07 Sep 1989 00:00:00 +0530 Thu, 14 Jan 2010 13:19:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23800 Surplus on transfer of self-generated goodwill was held not to be assessable as capital gains where the goodwill had no cost of acquisition and was not shown as an asset in the books. The business was transferred as a whole at book value, no separate consideration was received for goodwill, and the provision for capital gains could not be applied to an estimated difference treated as income. The stated principle is that self-generated goodwill without acquisition cost does not fall within the capital gains charging machinery in the first proviso to section 12B(2) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Thu, 07 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23800