https://www.taxtmi.com/caselaws?id=392120 The ITAT dismissed the revenue's appeal and upheld the CIT(A)'s order, confirming that the amount received by the assessee from the partnership firm upon retirement was a capital receipt and not chargeable to tax under Section 45. It also confirmed the exclusion of this amount from book profits under Section 115JB, as it did not constitute income under Section 2(24) of the Income Tax Act. The Tribunal relied on various judicial precedents to support its conclusions, ensuring that the legal principles were thoroughly examined and applied correctly. en-us Wed, 05 Feb 2020 00:00:00 +0530 Fri, 14 Feb 2020 09:52:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392120 The ITAT dismissed the revenue's appeal and upheld the CIT(A)'s order, confirming that the amount received by the assessee from the partnership firm upon retirement was a capital receipt and not chargeable to tax under Section 45. It also confirmed the exclusion of this amount from book profits under Section 115JB, as it did not constitute income under Section 2(24) of the Income Tax Act. The Tribunal relied on various judicial precedents to support its conclusions, ensuring that the legal principles were thoroughly examined and applied correctly. Case-Laws Income Tax Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392120