Applicability of Sec.56

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....pplicability of Sec.56<br> Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 25-11-2020 Last Reply Date:- 26-4-2021 Income Tax<br>Got 1 Reply<br>Income Tax<br>A partner at the time of retire....

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....ment receives some amount over and above his credit balances. There are quite a few decisions that excess amount received is not subject to Capital Gain tax. My query is whether such excess amount can....

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.... be brought to tax by the dept. u/s 56. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my veiw the said amount may be treated other income for the purpose of income tax act.<br> Discussion Forum ....

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