https://www.taxtmi.com/caselaws?id=39278 The phrase "became the property of the assessee" in the third proviso to section 12B(2) of the Indian Income-tax Act, 1922 was construed broadly to include capital assets acquired without payment of price, including self-generated goodwill. Because section 12B(3) also contemplated fair market value substitution where property came by succession, inheritance or devolution without a monetary cost, the absence of actual cost did not exclude the assessee from the proviso. The legal effect was that self-generated goodwill could take the fair market value as on 1 January 1954 in place of nil cost for capital gains computation, and the assessee was entitled to that substitution. en-us Wed, 07 Jul 1976 00:00:00 +0530 Thu, 15 Apr 2010 12:02:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39278 The phrase "became the property of the assessee" in the third proviso to section 12B(2) of the Indian Income-tax Act, 1922 was construed broadly to include capital assets acquired without payment of price, including self-generated goodwill. Because section 12B(3) also contemplated fair market value substitution where property came by succession, inheritance or devolution without a monetary cost, the absence of actual cost did not exclude the assessee from the proviso. The legal effect was that self-generated goodwill could take the fair market value as on 1 January 1954 in place of nil cost for capital gains computation, and the assessee was entitled to that substitution. Case-Laws Income Tax Wed, 07 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39278