S.P. Bharucha, J.@mdashCounsel are agreed that, the only question that is referred at the instances of the Revenue in this reference is covered by
the judgment of the Supreme Court in Commissioner of Income Tax, Bangalore Vs. B.C. Srinivasa Setty, . The question reads thus:
Whether, on the facts and in the circumstances of the case, Rs. 50,000 received by the assessee for transferring the goodwill of the business were
chargeable to tax under the head ''Capital gains''?
2. Having regard to the aforesaid judgment, the question is answered in the negative and in favour of the assessee.
3. No order as to costs.