1997 (12) TMI 40

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....y of which K. T. S. Nagamanickam Chettiar was the karta. The Hindu undivided family carried on business in the sale of petroleum products. The said business was converted into a partnership firm on April 1, 1973. The Income-tax Officer made an assessment for the assessment year 1978-79 following his earlier assessment order for the assessment year 1975-76, holding that the entire business income ....

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....income of assessee but only the share income from the firm can be assessed. The Revenue has challenged the order of the Appellate Tribunal as the assessment was made by the Income-tax Officer on a protective basis and the Revenue has not accepted the order of the Appellate Tribunal holding that the firm, namely K. T. S. Nagamanickam Chettiar, was a genuine firm. It is stated that the order of the ....