1983 (11) TMI 39 - HC - Income Tax

Summary

The High Court of Karnataka held that the Income-tax Appellate Tribunal was right in granting registration to a partnership for the assessment years 1973-74 and 1974-75. The Tribunal considered multiple documents to establish the existence of the partnership and the allocation of shares. The Court concluded that the deficiency in stamp duty was rectified and the partners were deemed to have equal shares. The Court ruled in favor of the assessee.