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2015 (12) TMI 1750 - AT - Income TaxCompensation for giving up right to receive pension - nature of receipt - Held that:- This Tribunal in the case of Mr. Ramkrishna Agarwal -vs.- ACIT [2014 (7) TMI 1265 - ITAT KOLKATA] wherein a similar amount received by the assessee as compensation for giving up his right to receive pension was held to be capital receipt not chargeable to tax. As rightly pointed out by the ld. D.R., the amount in question received by the assessee was never claimed by the assessee but although this claim was made by the assessee for the first time before the ld. CIT(Appeals), the impugned order of the ld. CIT(Appeals) does not show that he has verified the same from the relevant documentary evidence, such as the relevant partnership deed giving the assessee his right to receive pension, agreement whereby the right to receive pension, if any, was given up by the assessee for the amount in question, etc. He has contended that this matter may, therefore, be sent back to the file of the Assessing Officer for verifying the claim of the assessee. Ground No. 1 of the assessee’s appeal is accordingly treated as allowed for statistical purposes Addition on account of share of goodwill received by the assessee on his retirement from the partnership firm - Held that:- As the issue involved in the present case as well as all the material facts relevant thereto are similar to the cases of Shri Amitabh Singh (2007 (6) TMI 304 - ITAT DELHI) decided by the Coordinate benches of this Tribunal, we respectfully follow the decision rendered in the said cases to hold that the amount in question received by the assessee as his share of goodwill on retirement from the firm is not chargeable to tax being capital receipt.
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