Applicability of Sec.56

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..... Applicability of Sec.56
Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 25-11-2020 Last Reply Date:- 26-4-2021 Income Tax
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Income Tax
A partner at the time of retir .....

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..... ement 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 ca .....

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..... n be brought to tax by the dept. u/s 56. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my veiw the said amount may be treated other income for the purpose of income tax act.
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