1982 (3) TMI 90 - AT - Income Tax

Summary

The assessee appealed for the assessment year 1980-81 regarding the taxation of Rs. 18,000 received at retirement from a firm. The Appellate Tribunal ruled that the amount was not taxable as it was part of settling the account and not a transfer, citing relevant case law. The appeal was allowed, and the addition of Rs. 18,000 was deleted.