https://www.taxtmi.com/caselaws?id=28500 The Tribunal's decision to restrict the assessee's claim to Rs. 10,00,000 was overturned by the High Court, which held that the payment was a revenue expense for the firm, not for acquiring enduring benefits. The High Court found that the amount paid to outgoing partners was for estimated profits and future benefits, constituting a revenue receipt. Consequently, the High Court ruled in favor of the Revenue on certain issues and in favor of the assessee on others, with no costs awarded. en-us Fri, 13 Aug 1982 00:00:00 +0530 Tue, 23 Feb 2010 11:52:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28500 The Tribunal's decision to restrict the assessee's claim to Rs. 10,00,000 was overturned by the High Court, which held that the payment was a revenue expense for the firm, not for acquiring enduring benefits. The High Court found that the amount paid to outgoing partners was for estimated profits and future benefits, constituting a revenue receipt. Consequently, the High Court ruled in favor of the Revenue on certain issues and in favor of the assessee on others, with no costs awarded. Case-Laws Income Tax Fri, 13 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28500