https://www.taxtmi.com/caselaws?id=326890 The Tribunal ruled that the amount of Rs. 26.99 crores received by the assessee on retirement from a partnership firm was not taxable under Section 45(4) of the Income Tax Act as it was considered a settlement of the capital account balance rather than a transfer of capital assets. Additionally, the Tribunal held that the depreciation loss of non-eligible units should not be set off against the income from eligible units for deduction under Section 10B. The Tribunal upheld the deletion of Rs. 27 crores from book profit and excluded miscellaneous receipts from eligible profits for Section 10B deduction. en-us Fri, 18 Mar 2016 00:00:00 +0530 Mon, 25 Apr 2016 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326890 The Tribunal ruled that the amount of Rs. 26.99 crores received by the assessee on retirement from a partnership firm was not taxable under Section 45(4) of the Income Tax Act as it was considered a settlement of the capital account balance rather than a transfer of capital assets. Additionally, the Tribunal held that the depreciation loss of non-eligible units should not be set off against the income from eligible units for deduction under Section 10B. The Tribunal upheld the deletion of Rs. 27 crores from book profit and excluded miscellaneous receipts from eligible profits for Section 10B deduction. Case-Laws Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326890