Hello Folks!
Can ECB be availed of for making equity investment domestically or buying goodwill?
What will be the Date of Acquisition & Period of Holding of Self-generated Goodwill??
As in the case of B.C.Sriniwasa Setty V CIT (1981) 128 ITR 294 (SC), the Supreme Court said that Self-generated Goodwill is Not chargeable u/h Capital Gain due to Cost of Acquisition is missing but then Income Tax Act is amended accordingly to specify Cost of Acquisition of Goodwill is Nil and hence it becomes chargeable.
Now my question is whether it will be a Long Term Capital Asset or a STCA??
Reference: https://www.sci.gov.in/jonew/judis/10119.pdf
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