Supreme Court · 1981 INSC 41 · Decided 19 February 1981
Commissioner of Income Tax, Bangalore ETC. ETC. v. B. C. Srinivasa Setty, ETC. ETC.
- Court
- Supreme Court of India
- Citation
- 1981 INSC 41 · [1981] 2 S.C.R. 938
- Case number
- CIVIL APPEAL No. 1146/1975
- Decided
- 19 February 1981
- Bench
- P.N. BHAGWATI, V.D. TULZAPURKAR, R.S. PATHAK (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 45
Headnote
Goodwill of a nett:ly conunenced business-Whether, (i) a capital asset and (ii) if so, an asset falling within the contemplation of section 45 of Income Tax Acr, 1961 giving rise to a capital gain. ·C The assessee, a registered firm, manufactured and sold agarbattis. Clause (13) of the on 28th of July, 1954 and subsequently extenda~ by another instrument dated 31st March, 1964 showed that the goodv;1ill of the firm had not been valued, and the valuation would be made on dissolntion of the partnership. The assessee firm was dissolved by a deed dated 31st December, 1965. At the
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