MUSTAFA LILAMWALA (MANAGER) (26 Points)
19 July 2010Assessee was a perner in a regd partnership firms retires from partnership & gets his capital as well as extra amount in his hand is this extra amount taxable? if yes under which head of income
Sagar Kulkarni
(Articled Assistant)
(85 Points)
Replied 19 July 2010
Not taxable, I think its a Capital Receipt....
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26263 Points)
Replied 19 July 2010
There is a judicial controversy in the matter.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
