1971 (7) TMI 9 - SC - Income Tax

Sale of jewellery - whether the sale was by the firm or whether it was by an association of persons - that there was no evidence to show that the transaction in question was effected by Kapur Chand and Hira Lal but all the same the Tribunal directed the Income-tax Officer to proceed to find out as to who was responsible for the transaction and assess the profits arising therefrom in the hands of that person - order of tribunal was correct

Summary

The Supreme Court dismissed an appeal related to the assessment of profits from a jewelry sale to the Prince of Berar by Kapur Chand and Hira Lal, partners of M/s. Babu Mal & Co. The court upheld the decision that no question of law arose from the Tribunal's order, as the findings were factual. The appeal was dismissed with no costs.