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Commissioner Of Income Tax, Bangalore ... vs B. C. Srinivasa Setty, Etc. Etc on 19 February, 1981
cites
Section 48 in The Income Tax Act, 1961 [Entire Act]
Section 55 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 49 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax, W.B. Iii vs Chunilal Prabhudas & Co. (Defunct Firm) on 11 September, 1969
The question which has been raised before us, has been
considered by some High Courts, and it appears that there is
a conflict of opinion. The Madras High Court in Commissioner
of Income-tax v. K. Rathnam Nadar, the Calcutta High Court
in Commissioner of Income-Tax v. Chunilal Prabhudas & Co.,
(supra) the Delhi High Court in Jagdev Singh Mumick v.
Commissioner of Income-tax, the Kerala High Court in
Commissioner of Income-tax v. E.C. Jacob, the Bombay High
Court in the Commissioner of Income-tax v, Home Industries &
Co. and Commissioner of Income-tax v. Michel Postal and the
Madhya Pradesh High Court in Commissioner of Income-tax v.
Jaswant Lal Dayabhai have taken the view that the receipt on
the transfer of goodwill generated in a business is not
subject to income-tax as a capital gain.
Section 50 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax, Gujarat vs Mohanbhai Pamabhai on 24 September, 1971
On the other side
lies the view taken by the Gujarat High Court in
Commissioner of Income-tax v. Mohanbhai Pamabhai, and the
Calcutta High Court in R.N. Daftary v. Commissioner of
Income-tax that even if no cost is incurred in building up
the goodwill of the business, it is nevertheless a capital
asset for the purpose of capital gains, and the cost of
acquisition being nil the entire amount of sale proceeds
relating to the goodwill must be brought to tax under the
head "Capital gains". It is apparent that the preponderance
of judicial opinion favours the view that the transfer of
goodwill initially generated in a business does not give
rise to a capital gain for the purposes of income-tax.
Commissioner Of Income-Tax, Bombay ... vs Michel Postel on 7 March, 1977
The question which has been raised before us, has been
considered by some High Courts, and it appears that there is
a conflict of opinion. The Madras High Court in Commissioner
of Income-tax v. K. Rathnam Nadar, the Calcutta High Court
in Commissioner of Income-Tax v. Chunilal Prabhudas & Co.,
(supra) the Delhi High Court in Jagdev Singh Mumick v.
Commissioner of Income-tax, the Kerala High Court in
Commissioner of Income-tax v. E.C. Jacob, the Bombay High
Court in the Commissioner of Income-tax v, Home Industries &
Co. and Commissioner of Income-tax v. Michel Postal and the
Madhya Pradesh High Court in Commissioner of Income-tax v.
Jaswant Lal Dayabhai have taken the view that the receipt on
the transfer of goodwill generated in a business is not
subject to income-tax as a capital gain.
Commissioner Of Income-Tax vs E.C. Jacob on 18 July, 1972
The question which has been raised before us, has been
considered by some High Courts, and it appears that there is
a conflict of opinion. The Madras High Court in Commissioner
of Income-tax v. K. Rathnam Nadar, the Calcutta High Court
in Commissioner of Income-Tax v. Chunilal Prabhudas & Co.,
(supra) the Delhi High Court in Jagdev Singh Mumick v.
Commissioner of Income-tax, the Kerala High Court in
Commissioner of Income-tax v. E.C. Jacob, the Bombay High
Court in the Commissioner of Income-tax v, Home Industries &
Co. and Commissioner of Income-tax v. Michel Postal and the
Madhya Pradesh High Court in Commissioner of Income-tax v.
Jaswant Lal Dayabhai have taken the view that the receipt on
the transfer of goodwill generated in a business is not
subject to income-tax as a capital gain.