https://www.taxtmi.com/caselaws?id=393809 The tribunal ruled that the compensation received by the assessee for reducing its share in a partnership firm did not constitute chargeable capital gains under Section 45(1) of the Income Tax Act. The tribunal held that the compensation for the reduction in profit-sharing ratio was not taxable as capital gains, following the precedent set by the Karnataka High Court. Consequently, the appeals for both assessment years were allowed, and the additions made by the Assessing Officer were overturned. en-us Thu, 19 Mar 2020 00:00:00 +0530 Mon, 23 Mar 2020 12:31:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393809 The tribunal ruled that the compensation received by the assessee for reducing its share in a partnership firm did not constitute chargeable capital gains under Section 45(1) of the Income Tax Act. The tribunal held that the compensation for the reduction in profit-sharing ratio was not taxable as capital gains, following the precedent set by the Karnataka High Court. Consequently, the appeals for both assessment years were allowed, and the additions made by the Assessing Officer were overturned. Case-Laws Income Tax Thu, 19 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393809