1977 (6) TMI 13 - HC - Income Tax

Summary

The High Court of Bombay ruled that tax on capital gains is not attracted on the transfer of goodwill. The court held that the party involved had no right to receive any portion of the value of goodwill during the accounting year, so there was no capital gain made. The decision of the Madras High Court in a similar case supported this conclusion. The rule was discharged with costs.