https://www.taxtmi.com/caselaws?id=59163 The Appellate Tribunal ITAT Bombay-E ruled in favor of the assessee in a case concerning the taxability of an amount received on transferring the practice of Chartered Accountancy. The Tribunal held that the consideration of Rs. 2,01,000 was not subject to capital gains tax as it was received for the reputation that facilitated the transfer of clients, and since there was no cost of acquisition for the goodwill generated over 28 years of practice. The Tribunal allowed the appeal, following the precedent set by the Supreme Court in CIT v. B.C. Srinivasa Setty [1981] 128 ITR 294 (SC). en-us Tue, 26 Jul 1994 00:00:00 +0530 Sat, 25 Dec 2010 13:13:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59163 The Appellate Tribunal ITAT Bombay-E ruled in favor of the assessee in a case concerning the taxability of an amount received on transferring the practice of Chartered Accountancy. The Tribunal held that the consideration of Rs. 2,01,000 was not subject to capital gains tax as it was received for the reputation that facilitated the transfer of clients, and since there was no cost of acquisition for the goodwill generated over 28 years of practice. The Tribunal allowed the appeal, following the precedent set by the Supreme Court in CIT v. B.C. Srinivasa Setty [1981] 128 ITR 294 (SC). Case-Laws Income Tax Tue, 26 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59163