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of <h1>Court rules income belongs to firm and should be taxed despite prior assessment.</h1> <h3>Commissioner of Income Tax Versus Jairamdass Lokesh Kumar</h3> The High Court of Rajasthan held that the Tribunal erred in deleting an income addition from the assessee-firm's income. The court ruled that the income ... Assessment, Firm The High Court of Rajasthan ruled that the Tribunal was not justified in deleting the addition of Rs. 1,61,247 from the income of the assessee-firm. The court held that the income belonged to the firm and should be taxed accordingly, regardless of whether other individuals had already been assessed for the same income. The judgment favored the Revenue over the assessee.
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