https://www.taxtmi.com/caselaws?id=28828 The Tribunal, supported by the Supreme Court's precedent, ruled in favor of the assessee, holding that the transfer of import licenses and sale of goodwill did not attract capital gains tax liability. The Court emphasized that assets must have a cost of acquisition to be subject to capital gains tax, and since import licenses and goodwill did not meet this criterion, they were not considered capital assets. The decision was against the Department, and the applicant was directed to pay the costs of the reference. en-us Tue, 20 Apr 1982 00:00:00 +0530 Fri, 26 Feb 2010 11:54:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28828 The Tribunal, supported by the Supreme Court's precedent, ruled in favor of the assessee, holding that the transfer of import licenses and sale of goodwill did not attract capital gains tax liability. The Court emphasized that assets must have a cost of acquisition to be subject to capital gains tax, and since import licenses and goodwill did not meet this criterion, they were not considered capital assets. The decision was against the Department, and the applicant was directed to pay the costs of the reference. Case-Laws Income Tax Tue, 20 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28828