https://www.taxtmi.com/caselaws?id=13853 The court held that the amount received on retirement due to the revaluation of assets was not taxable under either section 28(iv) or section 41(2) of the Income-tax Act, 1961. The court emphasized that the amount received upon the separation of partners and division of assets did not constitute a benefit or perquisite arising from the business or profession, nor did it qualify as income from the business in terms of section 41(2). Consequently, the court ruled in favor of the assessee, disposing of the reference without any order as to costs. en-us Thu, 21 Sep 2000 00:00:00 +0530 Fri, 03 Jul 2009 12:50:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13853 The court held that the amount received on retirement due to the revaluation of assets was not taxable under either section 28(iv) or section 41(2) of the Income-tax Act, 1961. The court emphasized that the amount received upon the separation of partners and division of assets did not constitute a benefit or perquisite arising from the business or profession, nor did it qualify as income from the business in terms of section 41(2). Consequently, the court ruled in favor of the assessee, disposing of the reference without any order as to costs. Case-Laws Income Tax Thu, 21 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13853