https://www.taxtmi.com/caselaws?id=177040 The Tribunal upheld the CIT (A)'s decision to delete the addition of Rs. 25 lakhs, ruling that there was no transfer within the meaning of section 2(47) of the Income Tax Act. The excess amount received by the assessee upon retirement from the partnership firm was not considered taxable as capital gains, following precedents that retiring partners do not engage in transfers of capital assets. The department's appeal was dismissed. en-us Mon, 27 Jan 2014 00:00:00 +0530 Sat, 02 Jan 2016 10:13:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177040 The Tribunal upheld the CIT (A)'s decision to delete the addition of Rs. 25 lakhs, ruling that there was no transfer within the meaning of section 2(47) of the Income Tax Act. The excess amount received by the assessee upon retirement from the partnership firm was not considered taxable as capital gains, following precedents that retiring partners do not engage in transfers of capital assets. The department's appeal was dismissed. Case-Laws Income Tax Mon, 27 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177040