No reassessment to disallow pension paid to retiring partner in accordance with partnership deed

IT : SLP against High ruling was to be dismissed on grounds of tax effect being less than Rs. 1 crore where assessee, a partnership firm made payment of certain sum as pension to retiring partners as per partnership deed and same was allowed in original assessment, and all necessary facts were already on record, duly disclosing that there was no failure on part of assessee to disclose primary facts, reassessment to disallow said payment was unjustified

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