Retiring partner's extra amounts from partnership not taxable as capital gains u/s 263 of Income Tax Act. https://www.taxtmi.com/highlights?id=32713 Revision u/s 263 - when a partner retires from the partnership firm, whatever amount received by the partner over and above his capital account is not liable for capital gain tax - CIT was not correct in coming to the conclusion that the order passed by the A.O. is prejudicial to the interest of the revenue - AT en-us Thu, 05 Jan 2017 09:13:33 +0530 Thu, 05 Jan 2017 09:13:33 +0530 TaxTMI RSS Generator Retiring partner's extra amounts from partnership not taxable as capital gains u/s 263 of Income Tax Act. https://www.taxtmi.com/highlights?id=32713 Revision u/s 263 - when a partner retires from the partnership firm, whatever amount received by the partner over and above his capital account is not liable for capital gain tax - CIT was not correct in coming to the conclusion that the order passed by the A.O. is prejudicial to the interest of the revenue - AT Highlights Income Tax Thu, 05 Jan 2017 09:13:33 +0530 https://www.taxtmi.com/highlights?id=32713