1993 (1) TMI 70

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.... section 256(1) of the Income-tax Act, 1961, the Tribunal has referred the following questions for opinion of this court : " 1. Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the consideration received by the assessee for goodwill of Rs. 1,00,000 is liable to capital gains tax? 2. If the answer to the above question is ....

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...." asset " within the terms of section 45 of the Income-tax Act, 1961, (or of section 12B of the Indian Income-tax Act, 1922), and the transfer of goodwill initially generated in a business does not give rise to a capital gain for the purposes of income-tax. The Tribunal had relied upon the judgment of this court in CIT v. Mohanbhai Pamabhai [1973] 91 ITR 393. The said decision of this court was di....