https://www.taxtmi.com/caselaws?id=35778 The High Court of Madras ruled in favor of the assessee in a case involving the assessment of whether amounts received upon leaving a partnership firm were capital or revenue receipts. The court held that the sum received by the assessee upon retirement and the forgiven debt by the firm were not taxable income. It was determined that the amounts did not represent income but rather a return of capital or previously taxed profits. The court distinguished the case from prior precedents and awarded costs to the assessee. en-us Tue, 19 Jun 1979 00:00:00 +0530 Tue, 16 Mar 2010 15:53:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35778 The High Court of Madras ruled in favor of the assessee in a case involving the assessment of whether amounts received upon leaving a partnership firm were capital or revenue receipts. The court held that the sum received by the assessee upon retirement and the forgiven debt by the firm were not taxable income. It was determined that the amounts did not represent income but rather a return of capital or previously taxed profits. The court distinguished the case from prior precedents and awarded costs to the assessee. Case-Laws Income Tax Tue, 19 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35778