“Self-generated Goodwill” and “Self-generated Asset” - Definition / Legal Terminology - Income Tax

Explanation 1(ii). For the purposes of sub-section 4 of section 45 of the Income tax Act 1961,- Self-generated Goodwill and Self-generated Asset mean- goodwill or asset, as the case may be, which has been acquired without incurring any cost for purchase or which has been generated during the course of the business or profession.