VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

gain, valuation of goodwill, as done by the Assessing Officer, was contrary to law. It was submitted that the manner in which the goodwill was valued showed that cost of acquisition was treated as 'Nil'. However, it could not be so having regard to the provisions of Section 48. He contrasted the same with Section 55(2) which was inserted