https://www.taxtmi.com/caselaws?id=19179 The High Court ruled in favor of the assessee, holding that the payment made to the partners was dividend income arising from the chit transaction, not commission. The Court affirmed the Tribunal's decision, stating that section 40(b) of the Income-tax Act did not apply in this case. Consequently, the Court answered the question in the affirmative, against the Department, with no costs awarded and the decision favoring the assessee. en-us Wed, 16 Nov 1994 00:00:00 +0530 Wed, 04 Nov 2009 14:11:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19179 The High Court ruled in favor of the assessee, holding that the payment made to the partners was dividend income arising from the chit transaction, not commission. The Court affirmed the Tribunal's decision, stating that section 40(b) of the Income-tax Act did not apply in this case. Consequently, the Court answered the question in the affirmative, against the Department, with no costs awarded and the decision favoring the assessee. Case-Laws Income Tax Wed, 16 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19179