https://www.taxtmi.com/caselaws?id=25696 The High Court held that the amount of Rs. 4,14,192 received by the assessee on retirement from the firm was chargeable to tax as business profits, overturning the Tribunal's decision. The Court found that the formation of the partnership and subsequent retirement were not indicative of organized business activity but rather a device to avoid tax. The Court upheld the Commissioner of Income-tax's findings that the income was chargeable under the head "Business" and directed the Income-tax Officer to enhance the assessment accordingly. The Court also affirmed that the contribution of land as capital in the partnership firm amounted to a transfer within the meaning of the Income-tax Act. en-us Mon, 13 Oct 1986 00:00:00 +0530 Tue, 27 Aug 2013 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25696 The High Court held that the amount of Rs. 4,14,192 received by the assessee on retirement from the firm was chargeable to tax as business profits, overturning the Tribunal's decision. The Court found that the formation of the partnership and subsequent retirement were not indicative of organized business activity but rather a device to avoid tax. The Court upheld the Commissioner of Income-tax's findings that the income was chargeable under the head "Business" and directed the Income-tax Officer to enhance the assessment accordingly. The Court also affirmed that the contribution of land as capital in the partnership firm amounted to a transfer within the meaning of the Income-tax Act. Case-Laws Income Tax Mon, 13 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25696