2001 (8) TMI 46 - HC - Income Tax

Summary

The High Court of Madras ruled that the assessment on the receiver as an 'association of persons' was not valid. The court held that the letting out of Padmanabha Theatre for screening films did not constitute carrying on a business. The receiver was deemed to represent the individual interests of co-owners, and the assessment should be based on their individual shares. The judgment favored the assessee, citing a similar case precedent.