https://www.taxtmi.com/caselaws?id=28893 The sum paid by a firm to a retired partner was excluded from the total income of the assessee. The Tribunal held that the right to share in profits was assignable, and the retired partner had transferred this right to his sons. As the income accrued after retirement and was assigned before it accrued to the assessee, it was deemed not assessable as his income. The High Court upheld this decision, ruling in favor of the assessee and directing the Revenue to cover the reference costs. en-us Tue, 22 Sep 1981 00:00:00 +0530 Mon, 08 Mar 2010 14:18:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28893 The sum paid by a firm to a retired partner was excluded from the total income of the assessee. The Tribunal held that the right to share in profits was assignable, and the retired partner had transferred this right to his sons. As the income accrued after retirement and was assigned before it accrued to the assessee, it was deemed not assessable as his income. The High Court upheld this decision, ruling in favor of the assessee and directing the Revenue to cover the reference costs. Case-Laws Income Tax Tue, 22 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28893