https://www.taxtmi.com/caselaws?id=49534 Goodwill must be valued as a composite business asset, taking into account reputation, customer connection, mode of conduct, service, standing, and the power to attract custom, rather than being confined to locality or leasehold value alone. The Tribunal applied too narrow a test by treating leasehold value as the principal measure and ignoring other relevant factors that bear on goodwill, so the legal test was misapplied. That error raised a question of law fit for reference, and the High Court ought to have required a statement of the case. 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 Goodwill must be valued as a composite business asset, taking into account reputation, customer connection, mode of conduct, service, standing, and the power to attract custom, rather than being confined to locality or leasehold value alone. The Tribunal applied too narrow a test by treating leasehold value as the principal measure and ignoring other relevant factors that bear on goodwill, so the legal test was misapplied. That error raised a question of law fit for reference, and the High Court ought to have required a statement of the case. Case-Laws Income Tax Wed, 30 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49534