https://www.taxtmi.com/caselaws?id=23874 The High Court of Bombay ruled that the sum received for goodwill should not be treated as capital gains under the Income-tax Act, 1961. The court found that the goodwill was not received by the assessee but was self-generated and remained with another partner as per the dissolution agreement. Therefore, the court concluded in favor of the assessee, stating that the provisions of section 49(1)(iii)(b) were not applicable in this case, and no costs were awarded. en-us Tue, 26 Sep 1989 00:00:00 +0530 Fri, 15 Jan 2010 10:16:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23874 The High Court of Bombay ruled that the sum received for goodwill should not be treated as capital gains under the Income-tax Act, 1961. The court found that the goodwill was not received by the assessee but was self-generated and remained with another partner as per the dissolution agreement. Therefore, the court concluded in favor of the assessee, stating that the provisions of section 49(1)(iii)(b) were not applicable in this case, and no costs were awarded. Case-Laws Income Tax Tue, 26 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23874