case laws relating to partner recieving amt. above its cap.

Dear Manish,

Payment to retiring partners does not involve ‘transfer’ - Where on the retirement of a partner from a firm, he was paid his share in the partnership which was worked out by taking the proportionate value of his share in the net partnership assets after deduction of liabilities and prior charges, and including therein the proportionate share in the value of goodwill, it was held that no part of the amount received was assessable as capital gains - Addl. CIT v. Mohanbhai Pamabhai [1987] 165 ITR 166 (SC)/CIT v. Bhupinder Singh Atwal [1981] 128 ITR 67 (Cal.)/CIT v. P.H. Patel [1988] 171 ITR 128 (AP)/CIT v. N. Palaniappa Gounder [1983] 143 ITR 343 (Mad.)/CIT v. Madan Lal Bhargava [1980] 122 ITR 545 (All.)/CIT v. P.N. Sreenivasa Rao [1988] 171 ITR 562 (Ker.)/Addl. CIT v. Smt. Mahinderpal Bhasin [1979] 117 ITR 26 (All.).