https://www.taxtmi.com/caselaws?id=462394 ITAT Ahmedabad upheld CIT(A)'s decision regarding partner's share transfer to third party. The tribunal distinguished retirement cases from actual transfer, finding that assessee transferred partnership share to company for consideration, constituting taxable transfer. Following SC precedent in Chhotalal Mohenlal, the tribunal confirmed goodwill valuation and rejected non-compete fee arguments, ruling such payments compensate for reduced partnership share. The tribunal treated entire transaction as long-term capital gains, affirming lower authorities' assessment and rejecting assessee's appeal. en-us Wed, 25 Jan 2012 00:00:00 +0530 Thu, 19 Jun 2025 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462394 ITAT Ahmedabad upheld CIT(A)'s decision regarding partner's share transfer to third party. The tribunal distinguished retirement cases from actual transfer, finding that assessee transferred partnership share to company for consideration, constituting taxable transfer. Following SC precedent in Chhotalal Mohenlal, the tribunal confirmed goodwill valuation and rejected non-compete fee arguments, ruling such payments compensate for reduced partnership share. The tribunal treated entire transaction as long-term capital gains, affirming lower authorities' assessment and rejecting assessee's appeal. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462394