1977 (10) TMI 57 - AT - Income Tax

Summary

The Revenue appealed against the inclusion of profit share from a firm in the assessment of a HUF. The AAC ruled in favor of the assessee, stating that the profit belonged to an individual partner, Khacheru Mal, not the HUF. The Tribunal upheld the AAC's decision based on the partnership deed and repayment of the loan. The appeal and cross objection were dismissed.