Supreme Court overturns High Court judgment, rules for Revenue in tax appeal.

The Supreme Court allowed the appeal, setting aside the High Court judgment and ruling in favor of the Revenue against the assessee, in line with the precedent set in Ganesh Dass Sreeram v. ITO [1988] 169 ITR 221. No costs were awarded.

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The Supreme Court allowed the appeal, set aside the High Court judgment, and answered two questions in favor of the Revenue against the assessee, following the precedent in Ganesh Dass Sreeram v. ITO [1988] 169 ITR 221. No costs were awarded.

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