- (1.) The tribunal had declined the refer the question "whether the amount received by the assessee towards goodwill on retirement from partnership is not liable to tax under the head 'capital gains' ". The matter was taken in appeal by the Revenue and the High court affirmed the same. It appears that the point is covered by the two decisions of this court in commissioner OF INCOME TAX v. B. C. Srinivasa Setty ANd in commissioner OF INCOME TAX v. Kaikobad Byramji and Sons noticing the decision of the full bench of Kerala High court in commissioner OF INCOME TAX v. E. C. Jacob which was also a case of a Chartered accountant retiring from partnership. Facts in the present case are similar to the case of commissioner OF INCOME TAX v. E. C. Jacob. In view of the aforesaid two decisions of this court, the High court was right in declining to entertain the application for reference. The appeal is dismissed with costs.;