https://www.taxtmi.com/caselaws?id=39594 In a partnership retirement arrangement, the real nature of the transaction governs tax treatment rather than its form. Where the continuing partners carry on the same business and the retiring partners merely receive the value of their partnership rights, there is no transfer of capital assets to a new firm. On that basis, stamp duty, registration fees and legal charges incurred to document the retirement deed and secure deferred payments were held to be incidental to the business and not connected with acquisition of a capital asset or enduring benefit, making them allowable as business expenditure. en-us Sat, 05 Oct 1974 00:00:00 +0530 Mon, 19 Apr 2010 10:37:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39594 In a partnership retirement arrangement, the real nature of the transaction governs tax treatment rather than its form. Where the continuing partners carry on the same business and the retiring partners merely receive the value of their partnership rights, there is no transfer of capital assets to a new firm. On that basis, stamp duty, registration fees and legal charges incurred to document the retirement deed and secure deferred payments were held to be incidental to the business and not connected with acquisition of a capital asset or enduring benefit, making them allowable as business expenditure. Case-Laws Income Tax Sat, 05 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39594