https://www.taxtmi.com/caselaws?id=39029 Self-created goodwill built up by a firm through its own trading activities, and not acquired for a monetary price, was treated as outside the capital gains charge under section 12B(1) of the Indian Income-tax Act, 1922, because the charging provision presupposes an ascertainable cost of acquisition in monetary terms. The machinery provisions could not be used to tax a capital asset where no such cost existed. The commentary also states that a broader legal contention on this point could be raised in the reference, since it arose from admitted facts already on record and did not require fresh evidence. en-us Fri, 25 Feb 1977 00:00:00 +0530 Mon, 12 Apr 2010 11:01:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39029 Self-created goodwill built up by a firm through its own trading activities, and not acquired for a monetary price, was treated as outside the capital gains charge under section 12B(1) of the Indian Income-tax Act, 1922, because the charging provision presupposes an ascertainable cost of acquisition in monetary terms. The machinery provisions could not be used to tax a capital asset where no such cost existed. The commentary also states that a broader legal contention on this point could be raised in the reference, since it arose from admitted facts already on record and did not require fresh evidence. Case-Laws Income Tax Fri, 25 Feb 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39029