Law:

Section:

Section 45 of the Income-tax Act, 1961 - Capital gains - Chargeable as - Whether amount received by assessee on his retirement from firm could not be exigible to capital gains tax under section 45 - Held, yes Section 28(iv) of the Income-tax Act, 1961 - Business income - Value of any benefit or perquisite, arising from business or exercise of profession - Whether amount received by assessee on his retirement from firm could not be chargeable to tax under section 28(iv) - Held, yes FACTS The question came up for consideration was whether amount received by the assessee on his retirements from the firm could not be exigible to capital gains tax under section 45 or could not be chargeable to tax under section 28(iv). HELD In view of the decision in CIT (Addl.) v. Mohanbhai Pamabhai [1987] 165 ITR 166 (SC), it was to be held that the amount received by the assessee on his retirement from the firm could not be exigible to capital gains tax under section 45 or could not be chargeable to tax under section 28( iv). Note : The case was decided in favour of assessee. CASES REFERRED TO CIT v. Mohanbhai Pamabhai [1973] 91 ITR 393 (Guj.) and Addl. CIT v. Mohanbhai Pamabhai [1987] 165 ITR 166 (SC). B.J. Shelat, for the Applicant. K.H. Kaji for the Respondent. JUDGMENT R.C. Mankad, Actg.,…

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