https://www.taxtmi.com/caselaws?id=38339 Capital gains tax under section 12B of the Indian Income-tax Act, 1922 arises only when the capital gain has actually accrued in the relevant accounting year, which requires a present enforceable right to receive the consideration. Where the transfer of goodwill gave the assessee only a postponed entitlement payable on retirement or death, and no right to receive any part of the amount during the accounting year, no capital gain accrued in that year. The levy therefore did not arise, and the issue was resolved in favour of the assessee. en-us Tue, 21 Jun 1977 00:00:00 +0530 Mon, 05 Apr 2010 16:41:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38339 Capital gains tax under section 12B of the Indian Income-tax Act, 1922 arises only when the capital gain has actually accrued in the relevant accounting year, which requires a present enforceable right to receive the consideration. Where the transfer of goodwill gave the assessee only a postponed entitlement payable on retirement or death, and no right to receive any part of the amount during the accounting year, no capital gain accrued in that year. The levy therefore did not arise, and the issue was resolved in favour of the assessee. Case-Laws Income Tax Tue, 21 Jun 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38339