https://www.taxtmi.com/caselaws?id=28179 The court held that the sum received by the assessee upon retirement from a partnership firm, representing his share of accumulated losses, should be taxed as long-term capital gains and not as business income. It clarified that the amount was payment for relinquishing his interest in the firm, including his share of goodwill. The court ruled in favor of the assessee, stating that Section 41(1) of the Income Tax Act did not apply in this case, and the assessee was entitled to costs. en-us Wed, 01 Dec 1982 00:00:00 +0530 Fri, 19 Feb 2010 14:13:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28179 The court held that the sum received by the assessee upon retirement from a partnership firm, representing his share of accumulated losses, should be taxed as long-term capital gains and not as business income. It clarified that the amount was payment for relinquishing his interest in the firm, including his share of goodwill. The court ruled in favor of the assessee, stating that Section 41(1) of the Income Tax Act did not apply in this case, and the assessee was entitled to costs. Case-Laws Income Tax Wed, 01 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28179