https://www.taxtmi.com/caselaws?id=359101 The High Court dismissed the Revenue's challenge to the Income Tax Appellate Tribunal's order for Assessment Year 2009-10. The Tribunal's decision in favor of the respondent regarding long term capital gains and retirement of a partner in a partnership firm was upheld. The Court emphasized the binding nature of previous rulings, stating that amounts received as goodwill on retirement are not taxable under capital gains. The appeal was dismissed, citing adherence to established precedents and the lack of new evidence. The Court found subsequent questions dependent on the initial issues and thus dismissed them as well, with no costs awarded. en-us Wed, 18 Apr 2018 00:00:00 +0530 Tue, 24 Apr 2018 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359101 The High Court dismissed the Revenue's challenge to the Income Tax Appellate Tribunal's order for Assessment Year 2009-10. The Tribunal's decision in favor of the respondent regarding long term capital gains and retirement of a partner in a partnership firm was upheld. The Court emphasized the binding nature of previous rulings, stating that amounts received as goodwill on retirement are not taxable under capital gains. The appeal was dismissed, citing adherence to established precedents and the lack of new evidence. The Court found subsequent questions dependent on the initial issues and thus dismissed them as well, with no costs awarded. Case-Laws Income Tax Wed, 18 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359101