2001 (2) TMI 81 - HC - Income Tax

Summary

The High Court of Rajasthan ruled that the Tribunal was not justified in deleting the addition of Rs. 1,61,247 from the income of the assessee-firm. The court held that the income belonged to the firm and should be taxed accordingly, regardless of whether other individuals had already been assessed for the same income. The judgment favored the Revenue over the assessee.