1953 (6) TMI 5 - HC - Income Tax

Summary

The High Court of Punjab held that a sub-partnership can exist between a partner in a head-firm and another individual in respect of the partner's share in the head-firm. The court affirmed the decision of the Income-tax Appellate Tribunal to register the firm under Section 26A of the Income-tax Act. The Commissioner was ordered to pay the costs of the proceedings.