1989 (10) TMI 26 - HC - Income Tax

Summary

The High Court held that the income from 'Amritsar Cotton Mills' should be excluded from the assessment of the assessee for the years 1976-77, 1979-80, and 1980-81. The partnership firm underwent changes, and on dissolution, the assets were divided without requiring a deed. The Court ruled in favor of the assessee based on previous decisions.