COMMISSIONER OF INCOME-TAX versus STANDARD MALTINGS AND ALLIED PRODUCTS CORPORATION
Business expenses are paid to the retiring partner, including their assets and goodwill, as well as their rights, title and interest in the pledges of the partners' permanent retirement retirement partners. Retirement partners continue to pay off their share of payments, but are not compensated to get rid of ineffective partners so as not to end up costing them ease of doing business, the Income Tax Act, 1961 37
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