https://www.taxtmi.com/highlights?id=68259 Capital gains - Goodwill acquired by incurring cost - conversion of proprietory concern to company - revenue appeal - it is very clear that even if you invoke the provisions of Sec.47A(3) of the Act, to withdraw exemption granted u/s.47(xiv)(b) of the Act, but, in principle there cannot be any capital gains on transfer of goodwill, because, said goodwill is not self-generated or created on account of conversion of proprietary concern into a Pvt. Ltd. Co., but acquired by incurring cost. - AT en-us Tue, 14 Feb 2023 13:36:49 +0530 Tue, 14 Feb 2023 13:36:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=68259 Capital gains - Goodwill acquired by incurring cost - conversion of proprietory concern to company - revenue appeal - it is very clear that even if you invoke the provisions of Sec.47A(3) of the Act, to withdraw exemption granted u/s.47(xiv)(b) of the Act, but, in principle there cannot be any capital gains on transfer of goodwill, because, said goodwill is not self-generated or created on account of conversion of proprietary concern into a Pvt. Ltd. Co., but acquired by incurring cost. - AT Highlights Income Tax Tue, 14 Feb 2023 13:36:49 +0530 https://www.taxtmi.com/highlights?id=68259