1988 (4) TMI 46 - HC - Income Tax

Summary

The High Court of Patna ruled in favor of the assessee in three taxation cases regarding the status of the assessee as a Hindu undivided family and the taxability of ad interim payment. The court referred to previous decisions in favor of the assessee and held that the Tribunal was correct in its determinations. The questions were answered in favor of the assessee, stating that the ad interim payment was a capital receipt and not taxable. The court directed that each party bear their own costs.