https://www.taxtmi.com/caselaws?id=186199 Profits of the dissolved old partnership were not taxable in the hands of retired partners, because the business and earnings belonged to the continuing new firm after dissolution and were to be apportioned only among its three continuing partners. A payment to retiring partners for forward contracts and the goods received under them was treated as revenue expenditure, because it was part of the trading cost of securing exclusive title to stock-in-trade for resale rather than consideration for a capital asset or enduring business right. The payment was therefore deductible in computing business profits. en-us Thu, 12 Jan 1950 00:00:00 +0530 Fri, 09 Sep 2016 16:53:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186199 Profits of the dissolved old partnership were not taxable in the hands of retired partners, because the business and earnings belonged to the continuing new firm after dissolution and were to be apportioned only among its three continuing partners. A payment to retiring partners for forward contracts and the goods received under them was treated as revenue expenditure, because it was part of the trading cost of securing exclusive title to stock-in-trade for resale rather than consideration for a capital asset or enduring business right. The payment was therefore deductible in computing business profits. Case-Laws Income Tax Thu, 12 Jan 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186199