https://www.taxtmi.com/caselaws?id=68937 The Appellate Tribunal ITAT MADRAS consolidated appeals regarding tax treatment of excess payments to retiring partners from a firm. The CIT(A) ruled that such payments did not attract capital gains tax as there was no transfer of interest under section 2(47) or transfer of goodwill. Various High Court decisions supported that payments to retiring partners were their share in partnership assets, not consideration for transfer of interest. The Tribunal upheld the CIT(A)'s decision, dismissing appeals against tax liability on excess payments to retiring partners, establishing that such payments are not taxable as capital gains. en-us Thu, 13 Jan 1983 00:00:00 +0530 Fri, 20 Jan 2012 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68937 The Appellate Tribunal ITAT MADRAS consolidated appeals regarding tax treatment of excess payments to retiring partners from a firm. The CIT(A) ruled that such payments did not attract capital gains tax as there was no transfer of interest under section 2(47) or transfer of goodwill. Various High Court decisions supported that payments to retiring partners were their share in partnership assets, not consideration for transfer of interest. The Tribunal upheld the CIT(A)'s decision, dismissing appeals against tax liability on excess payments to retiring partners, establishing that such payments are not taxable as capital gains. Case-Laws Income Tax Thu, 13 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68937