High Court Rules on Income Tax: Goodwill in Succession Not Meeting Section 47(xiv) Affects Capital Gains Calculation.

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....Goodwill arising on succession - capital balance accounted as goodwill - capital gain computation - transfer - interpretation of Section 47 (xiv) - assessee has got the additional share capital allotment without bringing anything to the assignee. Therefore, the prerequisite laid down in section 47(xiv) has not been complied with. - HC....