specified person due to revaluation of any asset or due to self-generated goodwill or any other self-generated asset. Explanation 1.—For the purposes ... have the meanings respectively assigned to them in section 9B; (ii) "self-generated goodwill" and "self-generated asset" mean goodwill or asset, as the case
sustainable on another ground. He urged that a self-generated or self-created goodwill is not a capital asset, the transfer of which will give ... section 2(4A) of the 1922 Act, a self-created or self-generated goodwill (which it is in the instant case) would not be capital
specified person due to revaluation of any asset or due to self-generated goodwill or any other self-generated asset. Explanation 1. -For the purposes ... have the meanings respectively assigned to them in section 9B; (ii) "self-generated goodwill" and "self-generated asset" mean goodwill or asset, as the case
succession of business, the assessee
transferred all the assets (including self generated goodwill) and liabilities
of the proprietary concern and in consideration for the said ... following grounds:-
a) The assessee has transferred self-generated goodwill of Rs.
2,29,84,701/- to the company. However, the said goodwill was never
specified person due to revaluation of any asset or due to self-generated goodwill or any other self-generated asset; and (d) the provisions ... have the meanings respectively assigned to them in section 8; (b) "self-generated goodwill" and "self-generated asset" mean goodwill or asset, as the case
Divatia. But the question is whether capital asset like goodwill, which is a self-generating one, can be the subject-matter of capital gains when ... suggests that self generated or self-created assets like goodwill can never be the subject matter of taxability by way of capital gains as contemplated
depreciation on goodwill is concerned, the ld.
CIT(A) disallowed 100% depreciation claimed on goodwill on the ground
that goodwill is self-generated ... assessee by way of goodwill. Therefore, the
ld. CIT(A) opined that the goodwill is not self-generated, but, the
assessee company paid excess consideration
assessee-Hindu undivided family had purchased the goodwill. It appears that the goodwill was self-generated in the business of the Hindu undivided family ... proposition that goodwill was not taxable. Both these decisions clearly mention that the goodwill was self-generated and so it was not a capital asset
capital gain on sale of self-generated goodwill. The assessing officer took the view
that the said sum was not a self-generated goodwill ... received sum of Rs. 75,00,000/- on sale of his self generated goodwill which was
deposited in the CGDS Scheme. The assessee had therefore
self-generated goodwill, which is not permissible in
law. He relied on AS-26, which clearly states:
"Internally generated goodwill should not be recognized ... approved scheme was negative.
h. Depreciation on non-existent asset or self-generated goodwill is
not allowable.
i. In absence of asset
