1993 (11) TMI 5 - HC - Income Tax

Summary

The High Court of Madras upheld the order of the Tribunal, ruling that the respondents cannot be considered an association of individuals but tenants-in-common due to inheriting shares under a will, not forming a voluntary association for profit-sharing. The court cited the tests from G. Murugesan and Bros. v. CIT to support its decision. The tax revision cases were rejected.