https://www.taxtmi.com/caselaws?id=376563 The High Court upheld the Tribunal's decision that the amount received by the individual assessee on retirement from a partnership firm is not taxable as capital gains in the partner's hands. The Court emphasized that the liability to pay tax on such amounts lies with the partnership firm, not the retiring partner, as per Section 45(4) of the Income Tax Act. Previous court decisions supported this interpretation, leading the Court to dismiss the appeal by the Revenue, stating that there was no substantial question of law to be considered. en-us Tue, 05 Mar 2019 00:00:00 +0530 Mon, 11 Mar 2019 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376563 The High Court upheld the Tribunal's decision that the amount received by the individual assessee on retirement from a partnership firm is not taxable as capital gains in the partner's hands. The Court emphasized that the liability to pay tax on such amounts lies with the partnership firm, not the retiring partner, as per Section 45(4) of the Income Tax Act. Previous court decisions supported this interpretation, leading the Court to dismiss the appeal by the Revenue, stating that there was no substantial question of law to be considered. Case-Laws Income Tax Tue, 05 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376563