1993 (1) TMI 62 - HC - Income Tax

Summary

The High Court of Allahabad upheld the decision of the Income-tax Appellate Tribunal, ruling that there was a genuine firm in existence. The Tribunal found that the partners complied with all conditions for registration, and it was not necessary for every partner to contribute capital or be involved in all business activities. The court rejected the application under section 256(2) of the Income-tax Act, 1961, and awarded costs of Rs. 200 to the assessee.