1988 (11) TMI 63 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee, stating that the amount received for transferring the goodwill of the business was not chargeable to tax under the head 'Capital gains'. The judgment was based on a previous Supreme Court ruling in CIT v. B. C. Srinivasa Setty [1981] 128 ITR 294.