1991 (1) TMI 58 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee, Shri K. N. Sharma, regarding the inclusion of income from the business styled as Messrs. Moradabad Gun House. The court upheld the decision that only 50% of the income from the business should be included in the assessee's hands for the assessment years 1967-68 and 1968-69, as the business was carried on by a partnership firm in which the assessee had a 50% share. The Tribunal's decision was deemed correct, and the question was answered in favor of the assessee.