1984 (2) TMI 4

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he 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 firm. The main firm had been functioning....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e ?" 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 conclusion that under section 184(7) of the In....