1997 (2) TMI 50 - HC - Income Tax

Summary

The High Court of Madras ruled that the income from the property "Kannammai Building" should be included in the assessment of the assessee-firm for the years 1976-77 to 1978-79. The Appellate Tribunal's decision of a valid transfer without a registered document was deemed incorrect. The court held that without a registered deed, the firm could not transfer the property to its partners. Therefore, the income should be assessed in the hands of the assessee-firm.