https://www.taxtmi.com/caselaws?id=13837 The High Court upheld the decision of the Appellate Tribunal to annul the assessment, ruling in favor of the assessee. The Court found that the amount received was of capital nature, not subject to taxation, due to the genuine dissolution of the partnership and the realization of assets. The Court determined that the provisions of section 176(3) of the Income-tax Act were not applicable in this case. en-us Mon, 08 Jan 2001 00:00:00 +0530 Fri, 03 Jul 2009 11:59:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13837 The High Court upheld the decision of the Appellate Tribunal to annul the assessment, ruling in favor of the assessee. The Court found that the amount received was of capital nature, not subject to taxation, due to the genuine dissolution of the partnership and the realization of assets. The Court determined that the provisions of section 176(3) of the Income-tax Act were not applicable in this case. Case-Laws Income Tax Mon, 08 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13837