https://www.taxtmi.com/caselaws?id=25789 The High Court ruled in favor of the assessee, determining that the sum of Rs. 90,500 received was a capital receipt for surrendering partnership rights, not a revenue receipt. The Court emphasized that the amount was compensation for relinquishing the source of income, the partnership share, and dismissed the Tribunal's assessment of a portion as profit. The Court concluded that the entire sum constituted a capital receipt, rejecting the Revenue's appeal. The assessee was awarded costs, and the remaining issues regarding taxability and accrual of the amount were not addressed. en-us Thu, 19 Jun 1986 00:00:00 +0530 Sat, 30 Jan 2010 18:25:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25789 The High Court ruled in favor of the assessee, determining that the sum of Rs. 90,500 received was a capital receipt for surrendering partnership rights, not a revenue receipt. The Court emphasized that the amount was compensation for relinquishing the source of income, the partnership share, and dismissed the Tribunal's assessment of a portion as profit. The Court concluded that the entire sum constituted a capital receipt, rejecting the Revenue's appeal. The assessee was awarded costs, and the remaining issues regarding taxability and accrual of the amount were not addressed. Case-Laws Income Tax Thu, 19 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25789