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2012 (7) TMI 463 - BOMBAY HIGH COURTComputation of capital gains - self generated assets like trade mark or brand name - Held that:- Where the cost of acquisition of the capital asset is nil then the computation provision fails and the transfer of goodwill not give rise to capital gains tax. Prior to the amendment made to Section 55(2) by the Finance Act, 2001 effective from 1/4/2002 by adding the words “trade mark or brand name associated with the business” self generated assets such as trademark did not have any cost of acquisition - as amendment bringing self generated intangible assets such as trademark to capital gains tax only with effect from AY 2002-03 onwards in this case AY is 1999-2000 and therefore, the amendment would not have any effect - in favour of assessee.
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