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Nishant Saki (24 Points)

15 July 2019  
the excess amount than capital withdrawn at the time of retire from firm is taxable or not?

 1 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (108501 Points)
Replied 16 July 2019

Amount paid to a partner upon retirement after taking accounts and upon deduction of liabilities did not involve an element of transfer within meaning of section 2(47) and not chargeable to income tax.

Shri James P. D'Silva Vs DCIT (ITAT Mumbai) (All ITAT (6148) ITAT Mumbai (1859)

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