https://www.taxtmi.com/caselaws?id=29465 Capital gains tax on transfer of business goodwill depends on whether the statutory computation machinery can operate for that asset. The Court stated that goodwill is a capital asset, but where cost of acquisition or improvement cannot sensibly be ascertained under the charging scheme, the capital gains charge does not apply. It also noted that an executory agreement for transfer of the business had not been fully effectuated while section 12B was in force, so no taxable transfer arose on the earlier dates suggested. A pure question of law on goodwill's taxability could be raised as an additional ground within a broad tax reference. en-us Thu, 13 Aug 1981 00:00:00 +0530 Sat, 13 Mar 2010 11:14:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29465 Capital gains tax on transfer of business goodwill depends on whether the statutory computation machinery can operate for that asset. The Court stated that goodwill is a capital asset, but where cost of acquisition or improvement cannot sensibly be ascertained under the charging scheme, the capital gains charge does not apply. It also noted that an executory agreement for transfer of the business had not been fully effectuated while section 12B was in force, so no taxable transfer arose on the earlier dates suggested. A pure question of law on goodwill's taxability could be raised as an additional ground within a broad tax reference. Case-Laws Income Tax Thu, 13 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29465