https://www.taxtmi.com/caselaws?id=55744 The court dismissed the appeal, affirming the tax liability on the capital gains arising from the distribution of tenancy rights among partners during the dissolution of the partnership firm. The correct amount of goodwill subject to tax was determined as Rs. 55,800, and the nature of payments for tenancy rights was considered akin to a sale price, resulting in taxable capital gains. The court held that the transactions involving tenancy rights constituted realization of capital gains, leading to the imposition of tax. en-us Sat, 27 Mar 1982 00:00:00 +0530 Mon, 29 Nov 2010 17:40:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55744 The court dismissed the appeal, affirming the tax liability on the capital gains arising from the distribution of tenancy rights among partners during the dissolution of the partnership firm. The correct amount of goodwill subject to tax was determined as Rs. 55,800, and the nature of payments for tenancy rights was considered akin to a sale price, resulting in taxable capital gains. The court held that the transactions involving tenancy rights constituted realization of capital gains, leading to the imposition of tax. Case-Laws Income Tax Sat, 27 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55744