No capital gains when partner retires – SC

Supreme Court of India Commissioner Of Income Tax Vs R. Lingmallu Raghukumar Date of Pronouncement – 15 January, 1997  2001 247 ITR 801 SC Bench: S Agrawal, G Nanavati ORDER 1. This appeal by the Revenue is directed against the judgement of the Andhra Pradesh High Court dated July 21, 1982 (see (1983] 141 ITR 674), in Referred Case No. 28 of 1977, whereby the following question of law referred to the High Court was answered against the Revenue and in favour of the assessee (page 676) : “Whether, on the facts and in the circumstances of the case, the excess amount ...