https://www.taxtmi.com/caselaws?id=71436 The Tribunal upheld the decisions of the lower authorities, ruling that the compensation paid to the retiring partner was not deductible as a revenue expense under Section 40(b) of the Income-tax Act. The expenditure was classified as capital in nature, emphasizing that a partnership firm does not possess a distinct legal personality from its partners. The appeal by the assessee was dismissed based on the Tribunal's findings. en-us Mon, 28 Oct 1991 00:00:00 +0530 Sat, 23 Apr 2011 14:32:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71436 The Tribunal upheld the decisions of the lower authorities, ruling that the compensation paid to the retiring partner was not deductible as a revenue expense under Section 40(b) of the Income-tax Act. The expenditure was classified as capital in nature, emphasizing that a partnership firm does not possess a distinct legal personality from its partners. The appeal by the assessee was dismissed based on the Tribunal's findings. Case-Laws Income Tax Mon, 28 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71436