https://www.taxtmi.com/caselaws?id=59110 The ITAT allowed the appeal, ruling in favor of the assessee, holding that the amount received towards goodwill upon retirement from the partnership firm was a capital receipt and not taxable as capital gains. The ITAT distinguished the case from previous decisions and emphasized that the amount constituted a capital asset under the Indian Partnership Act, 1932. The ITAT also noted that self-generated assets do not attract capital gains tax upon transfer, contrary to the department's arguments. Consequently, the ITAT directed the deletion of the amount from the assessee's total income. en-us Fri, 11 May 1984 00:00:00 +0530 Sat, 25 Dec 2010 11:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59110 The ITAT allowed the appeal, ruling in favor of the assessee, holding that the amount received towards goodwill upon retirement from the partnership firm was a capital receipt and not taxable as capital gains. The ITAT distinguished the case from previous decisions and emphasized that the amount constituted a capital asset under the Indian Partnership Act, 1932. The ITAT also noted that self-generated assets do not attract capital gains tax upon transfer, contrary to the department's arguments. Consequently, the ITAT directed the deletion of the amount from the assessee's total income. Case-Laws Income Tax Fri, 11 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59110