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1997 (4) TMI 73 - SUPREME COURTWhether the Tribunal was right in law in holding that there was succession by inheritance in this case as contemplated by section 78(2) of the Act and, therefore, the assessee is entitled to carry forward and set off the deceased Shri Madhukant M. Mehta's loss in business against the income for these years? Whether the Tribunal was right in law in holding that section 75(2) of the Act does not prevent the assessee from claiming the set off of losses in question? Held that:- Having regard to the finding recorded by the Tribunal after taking into consideration the facts and circumstances that the partners, as heirs, had succeeded to the business of the deceased which finding has been accepted by the High Court in the present case, thus in the facts of these cases no ground is made out for interference with the impugned judgment of the High Court. Appeal dismissed.
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