1983 (5) TMI 27 - HC - Income Tax

Summary

The High Court dismissed the petition filed by the Commissioner of Income-tax under section 256(2) of the I.T. Act, 1961. The Tribunal had granted registration to the assessee-firm, finding that the business activity was lawful. The Revenue's application for a reference was declined as the Tribunal had lawfully constituted the partnership through a partnership deed, despite engaging in speculative business activities.