https://www.taxtmi.com/caselaws?id=28187 The High Court ruled against the Revenue in a case involving the application of Sections 60 to 63 of the I.T. Act, 1961. The Court held that the income derived from construction belonged to the partnership firm, not the individual assessee, as the asset (contract) was transferred to the firm. It was determined that there was no diversion of income by overriding title, and the registration of the firm under Section 185 precluded the application of Sections 60 or 61 for assessment. The Revenue was directed to pay the costs of the reference. en-us Wed, 14 Jan 1981 00:00:00 +0530 Fri, 19 Feb 2010 15:18:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28187 The High Court ruled against the Revenue in a case involving the application of Sections 60 to 63 of the I.T. Act, 1961. The Court held that the income derived from construction belonged to the partnership firm, not the individual assessee, as the asset (contract) was transferred to the firm. It was determined that there was no diversion of income by overriding title, and the registration of the firm under Section 185 precluded the application of Sections 60 or 61 for assessment. The Revenue was directed to pay the costs of the reference. Case-Laws Income Tax Wed, 14 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28187