1995 (2) TMI 24 - HC - Income Tax

Summary

The High Court of Rajasthan upheld the Tribunal's decision that the business Rawat Electricals belonged to Sri Gulzarilal Rawat, not Suresh Kumar Rawat. The Court also ruled that the investment of Rs. 8,000 was made by Gulzarilal, not Suresh Kumar. The assessment in the hands of Suresh Kumar Rawat was upheld on a protective basis. The Court ruled in favor of the Revenue and against the assessee.