1988 (8) TMI 72 - HC - Income Tax

Summary

The High Court of Madhya Pradesh allowed the application under section 256(2) of the Income-tax Act, 1961. The court directed the Tribunal to refer the question of law regarding the genuineness of a partnership firm to the court for its opinion. The Tribunal had held that the firm was not genuine as profits were not distributed in accordance with the partnership deed.