Tribunal held that excess amount received by retiring partner over and above sum standing to credit of capital account is assessable as capital gains .However, the computation of the capital gain has been modified by treating value of goodwill also as part of the credit in the partners capital account. Consequently, the capital gain in question was less than Rs. 50 lakhs and since the assessee has been allowed exemption under section 54EC to the extent of Rs. 50 lakhs, no capital gain is exigible to tax in the present case.  (AY.2008 -09)