https://www.taxtmi.com/caselaws?id=18889 The court ruled in favor of the Revenue, determining that the payment made by one partner to another partner upon retirement from a partnership was considered as capital expenditure, not allowable as a deduction under section 37(1) of the Income-tax Act, 1961. The payment was deemed to be for acquiring the interest of the retiring partner in the partnership, leading to the transition of the assessee to sole ownership, which was considered a capital expenditure for acquiring a profit-yielding asset. en-us Fri, 16 Dec 1994 00:00:00 +0530 Mon, 02 Nov 2009 16:09:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18889 The court ruled in favor of the Revenue, determining that the payment made by one partner to another partner upon retirement from a partnership was considered as capital expenditure, not allowable as a deduction under section 37(1) of the Income-tax Act, 1961. The payment was deemed to be for acquiring the interest of the retiring partner in the partnership, leading to the transition of the assessee to sole ownership, which was considered a capital expenditure for acquiring a profit-yielding asset. Case-Laws Income Tax Fri, 16 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18889