1937 (9) TMI 6 - HC - Income Tax

Summary

The High Court Bombay held that the assessees constituted an association of individuals under the Income-tax Act, were assessed as owners of the properties, and must pay the costs of the Commissioner. The assessees became entitled to the properties under a will and managed them for profit, leading to their classification as an association of individuals. The Court referred to a previous decision to support its ruling.