https://www.taxtmi.com/caselaws?id=23747 The court held that the amount of Rs. 1,37,518 should not be included in the assessee's income for the relevant previous year. The court determined that the outstanding fees collected were held in trust for the retiring partners and did not constitute the income of the assessee-firm. The court emphasized the nature of the obligation and the character of the receipt in reaching its decision, citing relevant case law principles. The decision favored the assessee, and there was no order as to costs. en-us Thu, 22 Dec 1988 00:00:00 +0530 Fri, 25 Dec 2009 17:06:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23747 The court held that the amount of Rs. 1,37,518 should not be included in the assessee's income for the relevant previous year. The court determined that the outstanding fees collected were held in trust for the retiring partners and did not constitute the income of the assessee-firm. The court emphasized the nature of the obligation and the character of the receipt in reaching its decision, citing relevant case law principles. The decision favored the assessee, and there was no order as to costs. Case-Laws Income Tax Thu, 22 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23747