https://www.taxtmi.com/caselaws?id=27456 The High Court upheld the Tribunal's decision in excluding the income of a business from the total income of an assessee-firm, determining that the business belonged to a specific partner as a proprietary concern. The Court rejected the Revenue's argument of estoppel based on prior statements and affirmed that the business was solely owned by the partner, as evidenced by investments and financial management. The Court awarded costs to the assessee and supported the Tribunal's decision, emphasizing the exclusive ownership of the business by the individual partner. en-us Thu, 12 Jul 1984 00:00:00 +0530 Sat, 13 Feb 2010 10:04:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27456 The High Court upheld the Tribunal's decision in excluding the income of a business from the total income of an assessee-firm, determining that the business belonged to a specific partner as a proprietary concern. The Court rejected the Revenue's argument of estoppel based on prior statements and affirmed that the business was solely owned by the partner, as evidenced by investments and financial management. The Court awarded costs to the assessee and supported the Tribunal's decision, emphasizing the exclusive ownership of the business by the individual partner. Case-Laws Income Tax Thu, 12 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27456