1994 (7) TMI 2 - HC - Income Tax

Summary

The High Court of Karnataka ruled in favor of the assessee in a case involving the disallowance of salary paid to partners representing their Hindu undivided family under section 40(b). The decision was based on a previous Division Bench judgment in CIT v. Mangalore Ganesh Beedi Works [1992] 193 ITR 77 (Kar). The common question referred by the Income-tax Appellate Tribunal was answered in favor of the assessee and against the Revenue.