https://www.taxtmi.com/caselaws?id=399010 The Tribunal upheld the decision regarding the treatment of a sum as capital gains chargeable to tax upon retirement from a partnership firm. It was concluded that the consideration paid over and above the sum credited to the partner's capital account should be treated as capital gain, with goodwill not considered a subject matter of transfer. The Tribunal emphasized that a partner's right in a firm is a capital asset, and any excess consideration upon relinquishment should be taxed as capital gain. The revenue's petition was dismissed as the Tribunal found no evident error in its order. en-us Mon, 28 Sep 2020 00:00:00 +0530 Wed, 30 Sep 2020 13:07:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399010 The Tribunal upheld the decision regarding the treatment of a sum as capital gains chargeable to tax upon retirement from a partnership firm. It was concluded that the consideration paid over and above the sum credited to the partner's capital account should be treated as capital gain, with goodwill not considered a subject matter of transfer. The Tribunal emphasized that a partner's right in a firm is a capital asset, and any excess consideration upon relinquishment should be taxed as capital gain. The revenue's petition was dismissed as the Tribunal found no evident error in its order. Case-Laws Income Tax Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399010