https://www.taxtmi.com/caselaws?id=26871 The High Court held that no capital gain arose to the assessee on the transfer of goodwill for a consideration of Rs. 50,000 due to the absence of any cost of acquisition. Citing a Supreme Court decision, the court emphasized that goodwill developed in a new business without an acquisition cost cannot be taxed as capital gain. The Tribunal's decision was upheld, ruling in favor of the assessee and against the Revenue. No costs were awarded, and the order was transmitted to the Income-tax Appellate Tribunal, Patna Bench "A" in compliance with the Income-tax Act. en-us Fri, 03 Jan 1986 00:00:00 +0530 Tue, 09 Feb 2010 10:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26871 The High Court held that no capital gain arose to the assessee on the transfer of goodwill for a consideration of Rs. 50,000 due to the absence of any cost of acquisition. Citing a Supreme Court decision, the court emphasized that goodwill developed in a new business without an acquisition cost cannot be taxed as capital gain. The Tribunal's decision was upheld, ruling in favor of the assessee and against the Revenue. No costs were awarded, and the order was transmitted to the Income-tax Appellate Tribunal, Patna Bench "A" in compliance with the Income-tax Act. Case-Laws Income Tax Fri, 03 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26871