1987 (9) TMI 16 - HC - Income Tax

Summary

The High Court held that the amount received by the assessee-firm is taxable in the hands of the reconstituted firm, not the old firm. The Tribunal was right in taxing the sum of Rs. 25,930 under section 4 of the Income-tax Act, 1961 for the assessment year 1974-75. The judgment favored the Revenue.