https://www.taxtmi.com/caselaws?id=49534 The Supreme Court ruled in favor of the appellants, a company in Bombay, in a case concerning the calculation of goodwill for excess profits tax under the Indian Income-tax Act. The Court held that goodwill should be included in the capital calculation, contrary to the Department and Tribunal's arguments. Emphasizing the broader interpretation of goodwill in business valuation, the Court criticized the Tribunal's narrow focus on leasehold value and directed the High Court to frame a question for the Tribunal to address the goodwill valuation issue correctly. The respondent was ordered to bear the appeal costs, with no specific order issued for the second appeal. en-us Wed, 30 Nov 1960 00:00:00 +0530 Mon, 01 Sep 2014 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49534 The Supreme Court ruled in favor of the appellants, a company in Bombay, in a case concerning the calculation of goodwill for excess profits tax under the Indian Income-tax Act. The Court held that goodwill should be included in the capital calculation, contrary to the Department and Tribunal's arguments. Emphasizing the broader interpretation of goodwill in business valuation, the Court criticized the Tribunal's narrow focus on leasehold value and directed the High Court to frame a question for the Tribunal to address the goodwill valuation issue correctly. The respondent was ordered to bear the appeal costs, with no specific order issued for the second appeal. Case-Laws Income Tax Wed, 30 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49534