1987 (1) TMI 28 - HC - Income Tax

Summary

The High Court of Bombay ruled that the amount of Rs. 15,000 received by the assessee for relinquishing his share in a partnership was exempt under section 47(ii) of the Income-tax Act, 1961. The court found that since there were only two partners and the partnership was dissolved upon the assessee's relinquishment, the exemption applied. The judgment distinguished a previous case involving more than two partners. The rule was discharged with no costs.