https://www.taxtmi.com/caselaws?id=177772 The Appellate Tribunal ITAT Pune ruled in favor of the assessee, holding that the amount received on retirement from the partnership firm was not liable to be taxed as long term capital gain. The Tribunal emphasized that when a partner retires and receives a share of the partnership assets, including goodwill, it does not constitute a transfer of interest in goodwill, thus not subject to capital gains tax. The decision was supported by legal precedents and established principles, leading to the dismissal of the Revenue's appeal. en-us Tue, 17 Jul 2012 00:00:00 +0530 Thu, 15 Jun 2017 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177772 The Appellate Tribunal ITAT Pune ruled in favor of the assessee, holding that the amount received on retirement from the partnership firm was not liable to be taxed as long term capital gain. The Tribunal emphasized that when a partner retires and receives a share of the partnership assets, including goodwill, it does not constitute a transfer of interest in goodwill, thus not subject to capital gains tax. The decision was supported by legal precedents and established principles, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 17 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177772