1990 (12) TMI 63 - HC - Income Tax

Summary

The High Court of Allahabad ruled in a case involving the Income-tax Act, 1961. The court found in favor of the Revenue, stating that the additions made by the Income-tax Officer were legally correct. The Tribunal's decision to delete the additions was overturned. The case involved a registered firm with five partners, and the disallowed interest payments to two partners were upheld. The judgment was delivered by B. P. Jeevan Reddy C. J. and V. N. Mehrotra.