Allowing the appeal of the assessee the Tribunal held that Amount received as share value of assets of firm on his retirement are not liable to be taxed either as capital gains nor as business income. (AY. 2012-13)
James P. D’Silva. v. DCIT (2019) 175 ITD 533 /199 TTJ 739/ 179 DTR 281(Mum.)(Trib.)
S. 45 : Capital gains–Retirement–Amount received as share value of assets of firm on his retirement are not liable to be taxed either as capital gains nor as business income.[S. 2(14), 2(47), 28(v)]