1997 (12) TMI 40 - HC - Income Tax

Summary

The High Court of Madras upheld the decision of the Appellate Tribunal regarding the assessment of income from a partnership business. The court ruled that only the share income from the firm should be assessed in the hands of the assessee, not the entire business income. This decision was based on the earlier ruling that the firm was genuine and valid. The Revenue's challenge was dismissed, and the court ruled against the Department. No costs were awarded.