https://www.taxtmi.com/caselaws?id=19842 The court upheld the reassessment under section 147(b) as valid, rejecting the assessee's objection based on the audit party's opinion. It determined that the entire 18 paise share income from Durga Flour Mills was taxable in the assessee's hands, as the settlement did not transfer interest in the firm to the minor. The court affirmed that there was no diversion of income by overriding title in the settlement, ruling against the assessee on all issues and awarding costs to the respondent. en-us Wed, 12 Jan 1994 00:00:00 +0530 Tue, 10 Nov 2009 11:49:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19842 The court upheld the reassessment under section 147(b) as valid, rejecting the assessee's objection based on the audit party's opinion. It determined that the entire 18 paise share income from Durga Flour Mills was taxable in the assessee's hands, as the settlement did not transfer interest in the firm to the minor. The court affirmed that there was no diversion of income by overriding title in the settlement, ruling against the assessee on all issues and awarding costs to the respondent. Case-Laws Income Tax Wed, 12 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19842