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TMI Blog1982 (3) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee was a partner in a firm consisting of five partners by the name "Gokul Farm" which carried on agricultural activities. This firm commenced its activities on 1st April, 1972 as is noted by the AAC. The assessee retired from this firm during the accounting period relevant to the assessment year under appeal and he received as sum of Rs. 18,000 at the time of retirement. In the return of income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1981) 128 ITR 294 (SC). The Deptl. Rep. relied on the orders of the ITO and the AAC. 3. On a consideration of the rival submissions, I am of the opinion that the amount of Rs. 18,000 received by the assessee is not liable to tax. The correct position in law is, which is now well settled, that what the assessee received at the time of retirement was in the nature of settling his account. For t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill and it could be construed as compensation in respect of the lands belonging to the firm. No sooner it is held that the amount was received in respect of an asset of the firm, such as, the lands or even the goodwill, it follows that there is no question of any transfer involved and what the assessee was receiving was merely his own share in the assets of the firm and such a transaction could no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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