banner_ad

Whether goodwill is a service?

This query is : Resolved 
Profile Image

Profile Image

(Querist)
25 April 2012 Dear Expert,

Whether there is any notification or clarification from the CBEC relating to the taxability of goodwill?

My query is regarding the transfer of business.. If I pay in excess of the fair value of the business, will that excess be regarded as a service?
Profile Image

CA Nikhil Jhanwar

Profile Image

CA Nikhil Jhanwar (Expert)
25 April 2012 No it cannot be treated as service, it is pure transaction of sale and also something is being transferred permanently and not temporarily and therefore, you also cannot classify this transaction under 'intellectual property service'
Profile Image

CA Ganesh Karthik

Profile Image

CA Ganesh Karthik (Querist)
25 April 2012 Thank you sir.. But is there any clarification or notification or case law in this regard?

Because this issue is raised by the Department during audits!
Profile Image

Pratik Pankaj Shah

Profile Image

Pratik Pankaj Shah (Expert)
25 April 2012 There is no need of case laws as its a pure case of sale and not a provision of service.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details