https://www.taxtmi.com/caselaws?id=424603 The Tribunal held that the amount received by the assessee over and above the capital account balance is taxable as capital gains. The Tribunal emphasized that the goodwill claimed was not substantiated by entries in the books of accounts and therefore ruled in favor of the department. The appeal of the assessee was dismissed, and the amount of Rs. 12,84,06,525 paid in excess of the partner's capital account was deemed taxable. en-us Wed, 18 May 2022 00:00:00 +0530 Tue, 05 Jul 2022 08:16:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424603 The Tribunal held that the amount received by the assessee over and above the capital account balance is taxable as capital gains. The Tribunal emphasized that the goodwill claimed was not substantiated by entries in the books of accounts and therefore ruled in favor of the department. The appeal of the assessee was dismissed, and the amount of Rs. 12,84,06,525 paid in excess of the partner's capital account was deemed taxable. Case-Laws Income Tax Wed, 18 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424603