https://www.taxtmi.com/caselaws?id=15707 The court held that the payment made to the retiring partner for relinquishing their share in the partnership firm constituted a capital expenditure for the firm. Despite the Tribunal's reference to a previous judgment on goodwill treatment, the court found the payment to be capital in nature as it resulted in the acquisition of assets by the firm. The case was decided against the assessee, affirming that the amount paid to the retiring partner was not deductible as a revenue expenditure from the total income of the firm. en-us Tue, 15 Jun 1999 00:00:00 +0530 Thu, 27 Aug 2009 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15707 The court held that the payment made to the retiring partner for relinquishing their share in the partnership firm constituted a capital expenditure for the firm. Despite the Tribunal's reference to a previous judgment on goodwill treatment, the court found the payment to be capital in nature as it resulted in the acquisition of assets by the firm. The case was decided against the assessee, affirming that the amount paid to the retiring partner was not deductible as a revenue expenditure from the total income of the firm. Case-Laws Income Tax Tue, 15 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15707