https://www.taxtmi.com/caselaws?id=26404 The court held that the receipt of Rs. 1,12,500 by the assessee was taxable as there was a transfer of the assessee's share in the partnership. Regarding the receipt of Rs. 71,900, the amount attributable to goodwill was not liable to capital gains tax, while the balance amount was deemed taxable. Additionally, the sum of Rs. 40,600 was classified as a revenue receipt. The court ruled in favor of the Revenue on all three issues, directing the assessee to pay the costs of the reference. en-us Wed, 16 Oct 1985 00:00:00 +0530 Thu, 04 Feb 2010 17:39:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26404 The court held that the receipt of Rs. 1,12,500 by the assessee was taxable as there was a transfer of the assessee's share in the partnership. Regarding the receipt of Rs. 71,900, the amount attributable to goodwill was not liable to capital gains tax, while the balance amount was deemed taxable. Additionally, the sum of Rs. 40,600 was classified as a revenue receipt. The court ruled in favor of the Revenue on all three issues, directing the assessee to pay the costs of the reference. Case-Laws Income Tax Wed, 16 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26404