1998 (6) TMI 12 - HC - Income Tax

Summary

The High Court of Madras ruled that the Appellate Tribunal was wrong in canceling the Income-tax Officer's order under section 154 as infructuous. The Supreme Court upheld the validity of the Income-tax Officer's order withdrawing development rebate due to the conversion of the assessee's business into a partnership firm. The Tribunal's decision was overturned, and the Revenue was awarded costs of Rs. 1,000.