JUDGMENT : R.C. Mankad, J. The Income-tax Appellate Tribunal has referred to us, for our opinion, the following question : "Whether, on the facts and in the circumstances of the case, the amount of Rs. 60,000 received by the assessee on his retirement from the firm of M/s. Modi Dyes and Industries cannot be exigible to capital gains tax under section 45 or cannot be chargeable to tax under section 28(iv) of the Income-tax Act, 1961 ?" 2. It is not necessary to set out the facts involved in this reference since the question which has been referred to us is directly covered by the decisions of this court in CIT v. Mohanbhai Pamabhai, 1973 (91) ITR 393, which is confirmed in CIT (Addl.) v. Mohanbhai Pamabhai, 1987 (165) ITR 166 by the Supreme Court and CIT v. Jayantilal Laxmichand, (Income-tax Reference No. III of 1974, decided on September 4, 1975). Following the said decisions and for the reasons recorded therein, we answer the question which has been referred to us for our opinion in the affirmative and against the Revenue. Reference answered accordingly with no order as to costs.