https://www.taxtmi.com/caselaws?id=122693 The ITAT dismissed the revenue's appeals, confirming that the arbitration award could not be taxed in the hands of the dissolved firm, individual partners, or an AOP. The Cross Objections filed by the assessees were allowed, supporting the Commissioner of Income-tax (Appeals)'s order that treated the award money as a capital receipt, exempt from tax. en-us Fri, 30 Oct 2009 00:00:00 +0530 Thu, 16 Aug 2012 15:34:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122693 The ITAT dismissed the revenue's appeals, confirming that the arbitration award could not be taxed in the hands of the dissolved firm, individual partners, or an AOP. The Cross Objections filed by the assessees were allowed, supporting the Commissioner of Income-tax (Appeals)'s order that treated the award money as a capital receipt, exempt from tax. Case-Laws Income Tax Fri, 30 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122693