[aaykarbhavan] Sums received in excess of capital account of retiring partner were capital receipts and not business receipts

Sums received in excess of capital account of retiring partner were capital receipts and not business receipts

April 7, 2014[2014] 43 taxmann.com 211 (Chennai - Trib.)

IT: Additional amounts paid to retiring partners in excess of the capital account are not in nature of any profit or income; hence not taxable

 

Regards

Prarthana Jalan

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