https://www.taxtmi.com/caselaws?id=61855 The ITAT Cochin dismissed the revenue's appeal, affirming that the receipt on retirement from the partnership firm was a capital receipt and not subject to tax under section 28(iv) of the Income-tax Act. The court emphasized the need to differentiate between capital and revenue receipts for tax purposes, supporting the CIT (Appeals) decision that the payment received upon retirement was in the nature of compensation for the destruction or extinguishment of the assessee's interest in the partnership firm. en-us Tue, 23 Aug 1994 00:00:00 +0530 Sat, 15 Jan 2011 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61855 The ITAT Cochin dismissed the revenue's appeal, affirming that the receipt on retirement from the partnership firm was a capital receipt and not subject to tax under section 28(iv) of the Income-tax Act. The court emphasized the need to differentiate between capital and revenue receipts for tax purposes, supporting the CIT (Appeals) decision that the payment received upon retirement was in the nature of compensation for the destruction or extinguishment of the assessee's interest in the partnership firm. Case-Laws Income Tax Tue, 23 Aug 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61855