VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

12 consideration at which the firm was sold was 92 crores, balance ₹ amount of 70,47,10,000 was treated as representing goodwill of the ₹ firm which was taxed as long term gain. This mode of arriving at short term and long term capital gain and taxing it accordingly by the Assessing Officer has received the stamp of approval