https://www.taxtmi.com/caselaws?id=56269 A partner's retirement receipt was treated as a settlement of his account in the firm, not as consideration for a transfer. Because the partner merely received his share in the firm's assets and no transfer took place, no taxable income arose under the Income-tax Act, 1961. The extended definition of transfer in section 2(47) did not change this position, and recharacterising the receipt as goodwill or compensation did not attract capital gains. The receipt was held not taxable and the addition was deleted. en-us Wed, 03 Mar 1982 00:00:00 +0530 Thu, 02 Dec 2010 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56269 A partner's retirement receipt was treated as a settlement of his account in the firm, not as consideration for a transfer. Because the partner merely received his share in the firm's assets and no transfer took place, no taxable income arose under the Income-tax Act, 1961. The extended definition of transfer in section 2(47) did not change this position, and recharacterising the receipt as goodwill or compensation did not attract capital gains. The receipt was held not taxable and the addition was deleted. Case-Laws Income Tax Wed, 03 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56269