https://www.taxtmi.com/caselaws?id=28010 The Tribunal held that profits from the sale of loom hours were not taxable as capital gains since the assessee did not incur any cost in acquiring them. The Supreme Court affirmed this decision, emphasizing that assets must have an acquisition cost to trigger capital gains tax. The court also clarified that goodwill from a new business does not qualify as an asset under tax law. Ultimately, the judgment favored the assessee, who was not liable for tax on the sale of loom hours. en-us Tue, 15 Sep 1981 00:00:00 +0530 Sat, 22 Jul 2017 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28010 The Tribunal held that profits from the sale of loom hours were not taxable as capital gains since the assessee did not incur any cost in acquiring them. The Supreme Court affirmed this decision, emphasizing that assets must have an acquisition cost to trigger capital gains tax. The court also clarified that goodwill from a new business does not qualify as an asset under tax law. Ultimately, the judgment favored the assessee, who was not liable for tax on the sale of loom hours. Case-Laws Income Tax Tue, 15 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28010