https://www.taxtmi.com/caselaws?id=27192 The High Court of Delhi addressed the assessment of M/s. Precision Metal Works and its partners for the assessment year 1964-65. The Court upheld the assessment on the firm's income, emphasizing that the sum surrendered by the partners should be taxed as their personal income, not added to the firm's income. The Court also ruled that penalty proceedings under sections 273 and 271(1)(c) for the partners were outside the Commissioner's jurisdiction. As a result, the assessment on the firm was upheld, and the initiation of penalty proceedings against the partners was deemed inappropriate. Each party was ordered to bear their own costs. en-us Mon, 28 May 1984 00:00:00 +0530 Thu, 11 Feb 2010 13:31:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27192 The High Court of Delhi addressed the assessment of M/s. Precision Metal Works and its partners for the assessment year 1964-65. The Court upheld the assessment on the firm's income, emphasizing that the sum surrendered by the partners should be taxed as their personal income, not added to the firm's income. The Court also ruled that penalty proceedings under sections 273 and 271(1)(c) for the partners were outside the Commissioner's jurisdiction. As a result, the assessment on the firm was upheld, and the initiation of penalty proceedings against the partners was deemed inappropriate. Each party was ordered to bear their own costs. Case-Laws Income Tax Mon, 28 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27192