Amount Received by Partner On Retirement Not Chargeable To Tax

Advertisement Decision of this Court in the case of Prashant S. Joshi (supra) placed reliance upon the decision of the Supreme Court in the case of CIT  V/s. R. Lingamallu Rajkumar reported in [2001] 247 ITR 801, wherein it has been held that amounts received on retirement by a parnter is not subject to capital gains tax. In the above circumstances, we see no reason to entertain the proposed question of law. HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1969 OF 2011 The Commissioner of Income Tax-III V/s. Mr. Riyaz A. Sheikh  CORAM : J.P. D...