https://www.taxtmi.com/caselaws?id=16292 The High Court held that the amount received by the assessee on retirement from a partnership firm was not taxable under section 28(iv) of the Income-tax Act, 1961, as it was received in cash. Additionally, the court ruled that the amount was not liable to capital gains tax under section 45 of the Act as it did not involve a transfer of a capital asset. The court also determined that the amount was not taxable as income from an adventure in the nature of trade. The High Court upheld the Tribunal's decisions in favor of the assessee on all three issues. en-us Sat, 18 Apr 1998 00:00:00 +0530 Sat, 05 Sep 2009 16:34:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16292 The High Court held that the amount received by the assessee on retirement from a partnership firm was not taxable under section 28(iv) of the Income-tax Act, 1961, as it was received in cash. Additionally, the court ruled that the amount was not liable to capital gains tax under section 45 of the Act as it did not involve a transfer of a capital asset. The court also determined that the amount was not taxable as income from an adventure in the nature of trade. The High Court upheld the Tribunal's decisions in favor of the assessee on all three issues. Case-Laws Income Tax Sat, 18 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16292