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1974 (7) TMI 1 - HC - Income Tax" Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the provisions of section 45 of the Income-tax Act, 1961, would not apply to the capital gains arising from the transfer of goodwill by the assessee-firm ? " - we are of the opinion that the Tribunal was right in holding that the value of consideration received by the assessee-firm for transfer of its goodwill is not liable to capital gains tax under section 45 of the Act. Accordingly, we answer the question as reframed by us in the affirmative and against the department.
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