https://www.taxtmi.com/caselaws?id=25130 The court found that the assessee's retirement did not lead to the dissolution of the partnership firm but only a change in its constitution. The Rs. 90,000 credited to the assessee's account was determined to be for goodwill. There was no evidence to support that the amount was related to future profits. The court held that the Rs. 90,000 was not taxable as capital gains, as no transfer of interest occurred upon the assessee's retirement. All issues were decided in favor of the assessee, and no costs were awarded. en-us Thu, 13 Aug 1987 00:00:00 +0530 Mon, 25 Jan 2010 15:46:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25130 The court found that the assessee's retirement did not lead to the dissolution of the partnership firm but only a change in its constitution. The Rs. 90,000 credited to the assessee's account was determined to be for goodwill. There was no evidence to support that the amount was related to future profits. The court held that the Rs. 90,000 was not taxable as capital gains, as no transfer of interest occurred upon the assessee's retirement. All issues were decided in favor of the assessee, and no costs were awarded. Case-Laws Income Tax Thu, 13 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25130