Goodwill of profession Taxability

Income From Other Sources

1. The argument, whether goodwill will be considered as a Capital asset, was put to rest by Commissioner Of Income-Tax vs Jaswantlal Dayabhai on 15 April 1978, where goodwill will be considered as Capital asset and sale of such goodwill will attract Capital gain tax. 
2. There are two types of Goodwill. Goodwill purchased or acquired and self-generated goodwill. 
3. In case of purchased goodwill, the cost of acquisition of goodwill be the purchase price and Capital again shall be charged to tax accordingly. 
4. With respect to self-generated goodwill, it can be bifurcated into two parts, goodwill of a business and goodwill of a profession. In the case of CIT Vs B.C Srinivasa Shetty, it was decided that Capital gain tax will not be computed if the cost of acquisition of goodwill cannot be determined. It is practically not accurate to determine the exact cost of acquisition in case of Self-generated goodwill, hence there will not be any Capital Gains with respect to Self generated asset. However, an amendment was made u/s 55 to supersede the above decision of CIT Vs B.C Srinivasa Shetty by considering the Cost of acquisition as "NIL" and compute Capital Gains with respect to self-generated Goodwill.
5. Amendments made further also covered profession and if the cost cannot be determined the same will be taken to be as Nil. 
6. Hence based on the above amendments, COA of the self-generated goodwill of a profession will be taken as Nil and accordingly Capital gains will be computed. 
Please correct me if the above interpretation has an alternative view.