https://www.taxtmi.com/caselaws?id=238776 The High Court dismissed the appeal, ruling against the partnership firm's claim for depreciation on the money paid as transfer of goodwill to retiring partners. The court held that the payments were towards capital and profits, not for acquiring rights or goodwill. The judgment emphasized the unique nature of partnership firms, distinguishing them from proprietary concerns, and upheld the decision to disallow the claimed depreciation on goodwill payments. en-us Mon, 07 Oct 2013 00:00:00 +0530 Sat, 01 Feb 2014 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238776 The High Court dismissed the appeal, ruling against the partnership firm's claim for depreciation on the money paid as transfer of goodwill to retiring partners. The court held that the payments were towards capital and profits, not for acquiring rights or goodwill. The judgment emphasized the unique nature of partnership firms, distinguishing them from proprietary concerns, and upheld the decision to disallow the claimed depreciation on goodwill payments. Case-Laws Income Tax Mon, 07 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238776