https://www.taxtmi.com/caselaws?id=38332 The High Court of Madras upheld the decision of the Income-tax Appellate Tribunal in a case concerning the source of investment in lands by the assessee. The Tribunal determined that the investment was funded from the partner's share of intangible additions in the firm's assessments, which was accepted by the Court. The Court emphasized the availability of funds during the accounting year, not necessarily at the time of investment. It distinguished the case from previous judgments and ruled in favor of the assessee, awarding costs and counsel fees. en-us Mon, 25 Oct 1976 00:00:00 +0530 Mon, 05 Apr 2010 14:18:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38332 The High Court of Madras upheld the decision of the Income-tax Appellate Tribunal in a case concerning the source of investment in lands by the assessee. The Tribunal determined that the investment was funded from the partner's share of intangible additions in the firm's assessments, which was accepted by the Court. The Court emphasized the availability of funds during the accounting year, not necessarily at the time of investment. It distinguished the case from previous judgments and ruled in favor of the assessee, awarding costs and counsel fees. Case-Laws Income Tax Mon, 25 Oct 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38332