1984 (11) TMI 9

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.... referred under section 256(2) of the Income-tax Act, 1961 : "Whether the income derived from the firm M/s. Batli Munavalli & Co., Hubli, through the representative of the assessee-firm is liable for income-tax in the hands of the assessee-firm ?" By mere narration of the facts, the answer to the question will reveal itself. The assessee is a registered firm with six partners. The assessment....

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....eficiary partner is the assessee-firm only. The profit arising from the other firm is, therefore, legally assessable in the hands of the assessee. So stating, he dismissed the appeal. The assessee preferred further appeal before the Tribunal. The Tribunal also concurred with the view taken by the Commissioner of Income-tax (Appeals). It will be seen from the above narrative that, during the re....