1993 (1) TMI 70 - HC - Income Tax

Summary

The High Court of Gujarat held that goodwill generated in a newly commenced business is not liable to capital gains tax. The judgment was based on the decision of the Supreme Court in CIT v. B. C. Srinivasa Setty [1981] 128 ITR 294. The court answered question No. 1 in the negative, in favor of the assessee, and refused to answer questions 2 and 3.