In the result, all the appeals filed by the assessee are dismissed
Bench: Shri Inturi Rama Rao & Shri Prakash Chand Yadav
gain as section 55(2) of the I.T. Act does not include this kind of asset as capital asset. For better understanding, we will examine the provisions of section 55(2) of the I.T. Act. S. 55 (2) For the purposes of sections 48 and 49, "cost of acquisition",- (a) in relation to a capital asset, being goodwill