https://www.taxtmi.com/caselaws?id=26583 The court ruled in favor of the Revenue, deciding that capital gains should be taxed in both the firm's and partners' hands. The court rejected the argument against double taxation, emphasizing the distinct tax treatment of firms and partners under sections 67, 114, and 182 of the Income-tax Act, 1961. The court allowed the assessee's request for a certificate for appeal to the Supreme Court due to the significant legal question and conflicting interpretations by another High Court. Both judges concurred with the judgment. en-us Thu, 19 Jun 1986 00:00:00 +0530 Sat, 06 Feb 2010 11:38:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26583 The court ruled in favor of the Revenue, deciding that capital gains should be taxed in both the firm's and partners' hands. The court rejected the argument against double taxation, emphasizing the distinct tax treatment of firms and partners under sections 67, 114, and 182 of the Income-tax Act, 1961. The court allowed the assessee's request for a certificate for appeal to the Supreme Court due to the significant legal question and conflicting interpretations by another High Court. Both judges concurred with the judgment. Case-Laws Income Tax Thu, 19 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26583