https://www.taxtmi.com/caselaws?id=424429 The Income Tax Appellate Tribunal (ITAT) ruled that the arbitration award received by the assessee was not taxable under Section 28(iv) of the Income Tax Act but was taxable under Section 56(1) as income from other sources. The ITAT found that the award was not solely for retirement from the partnership firm but for relinquishing all rights, claims, and demands against the firm and its entities. The revenue's appeal was dismissed. en-us Tue, 26 Apr 2022 00:00:00 +0530 Wed, 29 Jun 2022 14:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424429 The Income Tax Appellate Tribunal (ITAT) ruled that the arbitration award received by the assessee was not taxable under Section 28(iv) of the Income Tax Act but was taxable under Section 56(1) as income from other sources. The ITAT found that the award was not solely for retirement from the partnership firm but for relinquishing all rights, claims, and demands against the firm and its entities. The revenue's appeal was dismissed. Case-Laws Income Tax Tue, 26 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424429