https://www.taxtmi.com/caselaws?id=181930 The Tribunal ruled that additional payments to retiring partners were capital receipts, not taxable as business income under Section 28(va) of the Income-tax Act, 1961. The payments were deemed to be the partners' share in the business value, including goodwill, and not subject to capital gains tax. The Tribunal found no restriction on the retiring partners from engaging in business activities, distinguishing the payments from non-competition agreements. Consequently, the Commissioner's decision to delete the additions by the assessing authority was upheld, and the Revenue's appeals were dismissed. en-us Tue, 07 Jan 2014 00:00:00 +0530 Thu, 28 Apr 2016 10:00:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181930 The Tribunal ruled that additional payments to retiring partners were capital receipts, not taxable as business income under Section 28(va) of the Income-tax Act, 1961. The payments were deemed to be the partners' share in the business value, including goodwill, and not subject to capital gains tax. The Tribunal found no restriction on the retiring partners from engaging in business activities, distinguishing the payments from non-competition agreements. Consequently, the Commissioner's decision to delete the additions by the assessing authority was upheld, and the Revenue's appeals were dismissed. Case-Laws Income Tax Tue, 07 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181930