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2011 (1) TMI 477 - HC - Income TaxUnder section 148 - The clauses of the partnership is clear that the payment to the retired partner is made for relinquishing/discharge of all the above rights and interest which includes non-competing with the firms professional activities for three years - Therefore, the receipt of Rs. 21,65,625 received from the firm on retirement is to be assessed as income under the Income-tax Act. The reasons to believe that income chargeable to tax has escaped assessment to the extent of amount received at Rs.21,65,625 from the firm on the assessee's reason, coming within the meaning of section 147 of the Income-tax Act, by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for this assessment year - The Revenue states that in the case Balkrishna Hiralal Wani v. ITO (2010 -TMI - 75605 - BOMBAY HIGH COURT) , assessment sought to be reopened on similar grounds is held to be bad in law - Decided in favor of the assessee
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