1984 (2) TMI 4

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....RMA J. - Kanhaya Lal was a partner in the firm styled as Karnal Tractors and Motor Workshop (hereinafter referred to as "the firm"). He had 25 per cent. share in the profits of the firm. He entered into a sub-partnership with his father-in-law, giving him 40 per cent. share of the profit which fell to his lot on the ground that his father-in-law had advanced Rs. 12,000 for investment in the main f....

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....r section 185 was not justified in this case ?" This question was answered in the negative, i.e., against the assessee and in favour of the Revenue in CIT v. Kanhayalal Ram Chand [1979] 119 ITR 377 (P & H), (Income-tax Reference No. 45 of 1975 decided on December 10, 1976). When the Commissioner of Income-tax applied to the Tribunal for reference in the instant case, the Tribunal came to the....