1995 (9) TMI 59 - HC - Income Tax

Summary

The High Court of Allahabad ruled that a payment of Rs. 3,75,000 to an assessee for relinquishing his share in a partnership firm was a capital receipt, not a revenue receipt. The Tribunal's decision was upheld based on the Supreme Court's ruling in Kettlewell Bullen and Co. Ltd. v. CIT [1964] 53 ITR 261. The judgment was in favor of the assessee.