2001 (9) TMI 56 - HC - Income Tax

Summary

The High Court of Gujarat ruled in favor of the assessee, allowing a reduction of Rs.2,69,194 on account of property income for the assessment year 1979-80. The court held that the liability to pay tax on income from property rests with the person who receives or is entitled to receive the income in his own right. The decision was based on previous legal precedents, and the reference was disposed of with no costs.