JUDGMENT :

P. Sam Koshy, J.

The instant is an appeal preferred by the appellant under Section 260-A of the Income Tax Act, 1961 assailing the order passed by the Income Tax Appellate Tribunal (for short, ‘the Tribunal’) in I.T.A.No.297/Hyd/2012, dated 25.05.2012 (for short, ‘the impugned order’).

2. Heard Mr. C.V. Narsimham, learned counsel for the appellant and Mr.Vijhay K. Punna, learned Senior Standing Counsel for the respondent - Department.

3. Vide the impugned order, the Tribunal partly allowed the appeal and dismissed the stay application filed by the appellant.

4. The brief facts of the case are that the appellant herein was a partner in the firm, viz., M/s.Montage Manufacturers. The appellant stood retired from the said firm w.e.f. 26.12.2007. While retiring from the said firm, the appellant received a sum of Rs..8,22,17,952/- towards her share of capital gain of the firm. However, the respondent-Department held that the right of the appellant in the firm is a capital asset and extinguishment of the right in the said firm stands transferred, and therefore, the receipt against the capital asset is taxable under Section 45 of the Act.

5. Alleging that the appellant has received an