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2004 (10) TMI 55 - PUNJAB AND HARYANA HIGH COURTFirm – agreement – genuineness - Tribunal after appraising the entire material on record, has recorded a finding of fact that the arrangement between the four partners and Shri Ashok Kumar Goyal was sham and was not real and the same has been entered into with a view to reduce the incidence of taxation by diverting the profits of the partnership firm – Commissioner of Income-tax (Appeals) while reversing the order of the Assessing Officer refusing registration to the assessee-firm had not considered clause 4 of the agreement dated June 24, 1982, and also failed to appreciate that although Shri Ashok Kumar Goyal, the erstwhile partner had been excluded from the earlier partnership, he was still granted all the benefits which were being enjoyed by him earlier. Therefore, the Tribunal rightly reversed the said order and restored that of the Assessing Officer
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