https://www.taxtmi.com/caselaws?id=24676 A Tribunal's finding that a firm was genuine and that its income was assessable in its own hands was held to be a factual conclusion not open to interference in reference jurisdiction under section 256(2) of the Income-tax Act, 1961. The court noted that the Tribunal had relied on prior acceptance of the firm's genuineness, actual rendering of services, the presence of stranger partners, and the firm's low net income, all supporting the view that it was not created merely to divert company profits. As the finding was backed by material and turned on appreciation of facts, no interference was warranted and the applications were dismissed. en-us Fri, 25 Sep 1987 00:00:00 +0530 Thu, 21 Jan 2010 16:16:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24676 A Tribunal's finding that a firm was genuine and that its income was assessable in its own hands was held to be a factual conclusion not open to interference in reference jurisdiction under section 256(2) of the Income-tax Act, 1961. The court noted that the Tribunal had relied on prior acceptance of the firm's genuineness, actual rendering of services, the presence of stranger partners, and the firm's low net income, all supporting the view that it was not created merely to divert company profits. As the finding was backed by material and turned on appreciation of facts, no interference was warranted and the applications were dismissed. Case-Laws Income Tax Fri, 25 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24676