https://www.taxtmi.com/caselaws?id=36168 The High Court found in favor of the assessee, ruling that a valid charge existed in favor of Mrs. Aloo on the profits of the firm, diverting the income by an overriding title. The court held that the income paid to Mrs. Aloo was not taxable in the hands of the firm, aligning with the principles established in a previous case. The charge created by the partnership deed gave Mrs. Aloo an overriding title to 25% of the firm's profits, which was diverted before reaching the partners. The revenue was directed to pay the costs of the reference. en-us Fri, 18 Apr 1980 00:00:00 +0530 Fri, 19 Mar 2010 17:21:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36168 The High Court found in favor of the assessee, ruling that a valid charge existed in favor of Mrs. Aloo on the profits of the firm, diverting the income by an overriding title. The court held that the income paid to Mrs. Aloo was not taxable in the hands of the firm, aligning with the principles established in a previous case. The charge created by the partnership deed gave Mrs. Aloo an overriding title to 25% of the firm's profits, which was diverted before reaching the partners. The revenue was directed to pay the costs of the reference. Case-Laws Income Tax Fri, 18 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36168