https://www.taxtmi.com/caselaws?id=39963 Goodwill forming part of a transferred proprietary business was treated as part of the composite undertaking, so it could not be isolated and taxed separately as a gifted asset. By contrast, exemption for a cash gift under section 5(1)(xiv) of the Gift-tax Act, 1958 required a real and bona fide business purpose; mere timing with business activity was insufficient. On the facts, the arrangement primarily benefited the daughters and lacked cogent evidence of business necessity or commercial expediency, so the exemption was denied. en-us Mon, 20 Sep 1971 00:00:00 +0530 Thu, 07 Aug 2014 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39963 Goodwill forming part of a transferred proprietary business was treated as part of the composite undertaking, so it could not be isolated and taxed separately as a gifted asset. By contrast, exemption for a cash gift under section 5(1)(xiv) of the Gift-tax Act, 1958 required a real and bona fide business purpose; mere timing with business activity was insufficient. On the facts, the arrangement primarily benefited the daughters and lacked cogent evidence of business necessity or commercial expediency, so the exemption was denied. Case-Laws Income Tax Mon, 20 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39963