https://www.taxtmi.com/caselaws?id=353137 The tribunal allowed the appeal in favor of the assessee, ruling that the amount received on retirement from the partnership firm was in consideration for surrendering her rights and not 'without consideration' as per Section 56(2)(vi). The reassessment proceedings were dismissed as 'not pressed,' and the interest levy under Section 234A was not elaborated upon. The decision was supported by judicial precedents, including the finding that such receipts were not taxable as income from other sources or capital gains, aligning with the assessee's argument. en-us Wed, 13 Dec 2017 00:00:00 +0530 Thu, 28 Dec 2017 08:05:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353137 The tribunal allowed the appeal in favor of the assessee, ruling that the amount received on retirement from the partnership firm was in consideration for surrendering her rights and not 'without consideration' as per Section 56(2)(vi). The reassessment proceedings were dismissed as 'not pressed,' and the interest levy under Section 234A was not elaborated upon. The decision was supported by judicial precedents, including the finding that such receipts were not taxable as income from other sources or capital gains, aligning with the assessee's argument. Case-Laws Income Tax Wed, 13 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353137