https://www.taxtmi.com/caselaws?id=276141 Compensation received on retirement from a partnership was treated as revenue income because it arose from relinquishing a partnership share in the course of the firm's diverse business activities, without affecting the permanent trading structure. The appellate authority could nevertheless sustain the assessment on an alternative legal basis, as its powers under section 31 were wide enough to consider a tenable ground not adopted by the Income-tax Officer. However, the retirement and relinquishment did not amount to a sale, exchange or transfer of a capital asset, so section 12B capital gains treatment was unavailable. en-us Sat, 22 Oct 1960 00:00:00 +0530 Wed, 31 Oct 2018 11:05:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276141 Compensation received on retirement from a partnership was treated as revenue income because it arose from relinquishing a partnership share in the course of the firm's diverse business activities, without affecting the permanent trading structure. The appellate authority could nevertheless sustain the assessment on an alternative legal basis, as its powers under section 31 were wide enough to consider a tenable ground not adopted by the Income-tax Officer. However, the retirement and relinquishment did not amount to a sale, exchange or transfer of a capital asset, so section 12B capital gains treatment was unavailable. Case-Laws Income Tax Sat, 22 Oct 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276141