ITAT explains Tax on Payments received by retired partner

Dr. Vithal V. Kamat Vs JCIT (ITAT Mumbai) The undisputed facts are that the assessee became the partner in the partnership firm called M/s. Sports Field Construction vide deed of partnership dated 06.05.1992. The details of other partners who joined the partnership have been given in para 6 (supra). So in all, there were six partners in the firm. The first four partners namely Smt. Amrabai Malsi, Smt. Velbai Devsi Shah, Shri Bipin Talakshi Shah and Smt. Hirbai Nanji Sojpal brought into the partnership firm as land measuring 15,250 sq. yards situated at survey No.41L situated at Lokhandwala, Mu...