Payment of Money to Retiring Partner is Capital Expenditure : ITAT Reverses CIT(A) Order [Read Order]

Payment of Money - Payment - Money - Retiring Partner - Capital Expenditure - Expenditure - CIT(A) - Order - ITAT - taxscan

The Pune Bench of Income Tax Appellate Tribunal (ITAT) held that the amount paid to the retiring partner in terms of settlement arrived at between two partners for giving up his interest in the partnership firm is a capital expenditure. The assessee M/s. Sarsan Developers is a partnership firm engaged in the business of development…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

taxscan-loader