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2018 (5) TMI 1594 - AT - Income TaxWhether the goodwill created in the books of account is liable to be taxed in the hands of assessee as short term capital gain? - Held that:- firms were having self generated goodwill which was valued by them during the present AY - there has been no transfer of such goodwill by the said firms - mere creation of goodwill in the books does not mean any transfer, which could be charged as short term capital gain - thus CIT(A) was not justified in holding goodwill created in the books of account is liable to be taxed as STCG - Decided in favor of assessee.
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