LTCG tax payable on Transfer of client relationship & goodwill by CA firm

M/s. J.C. Bhalla & Co. Vs Addl. CIT (ITAT Delhi) Conclusion: Assessee-firm was entitled to claim deduction claim under Section 54EC as assessee had made an investment in the specified bonds and capital gain had arisen to the assessee from transfer of client relationship and goodwill which was long-term capital asset under section 2(14) chargeable to tax under the head capital gain and the cost of acquisition of the same was nil. Held: Assessee- firm of chartered accountancy having a standing of almost 60 years, discontinued its business of internal audit and risk consulting practice by tra...