https://www.taxtmi.com/caselaws?id=23976 The High Court held that no capital gains tax can be levied on the transfer of route permits acquired by the assessee for the first time, as there was no cost of acquisition associated with such permits. The court found that transferring such permits is akin to transferring goodwill, a self-generated asset, and therefore, capital gains tax cannot apply. The judgment favored the assessee, ruling that no tax on capital gains should be imposed on the transfer of route permits acquired for the first time. The matter was remitted to the Income-tax Officer for further consideration. en-us Mon, 19 Jun 1989 00:00:00 +0530 Fri, 15 Jan 2010 15:30:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23976 The High Court held that no capital gains tax can be levied on the transfer of route permits acquired by the assessee for the first time, as there was no cost of acquisition associated with such permits. The court found that transferring such permits is akin to transferring goodwill, a self-generated asset, and therefore, capital gains tax cannot apply. The judgment favored the assessee, ruling that no tax on capital gains should be imposed on the transfer of route permits acquired for the first time. The matter was remitted to the Income-tax Officer for further consideration. Case-Laws Income Tax Mon, 19 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23976