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2017 (1) TMI 1731 - AT - Income TaxSum received at the time of retirement from the said firm - assessee partner has received a sum being transferred / relinquishment of right by the assessee in the firm M/s Deccan Enterprises, Bangalore - alternative submission to treat the alleged addition received at the time of retirement as the income of the firm - addition u/s 68 as assessee has not maintained books of accounts - HELD THAT:- This is a clear cut case of assessee receiving a sum of money on retirement from the firm.Admittedly, in the present case the assessee has not taken any property while relinquishing her share in the partnership firm rather she has taken equllant amount on retirement. The assets and firm is retained by the surviving partners. In such situation, respectfully following the judgment in the case of Prashant S. Joshi [2010 (2) TMI 271 - BOMBAY HIGH COURT] and Riyaz A. Sheikh [2010 (2) TMI 271 - BOMBAY HIGH COURT], we hold that the retirement funds received are not subject to tax and not in the nature of goodwill also. Accordingly, we reverse the orders of the lower authorities and allow the appeal of the assessee.
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