1989 (4) TMI 46 - HC - Income Tax

Summary

The High Court held that immovable property of a firm cannot be transferred to partners through book entries alone. Income from such properties must be assessed in the hands of the firm, not individual partners. The Tribunal's decision in favor of the Appellate Assistant Commissioner was upheld. The judgment was based on a previous decision in Income-tax Reference No. 77 of 1982. The court answered the question in favor of the assessee and against the Revenue.