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Applicability of Sec.56, Income Tax

Issue Id: - 116871
Dated: 25-11-2020
By:- Ethirajan Parthasarathy
Applicability of Sec.56

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A partner at the time of retirement receives some amount over and above his credit balances. There are quite a few decisions that excess amount received is not subject to Capital Gain tax. My query is whether such excess amount can be brought to tax by the dept. u/s 56.

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