Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (9) TMI 71 - HC - Income TaxFirm - interest on the debit balance of one of the partners - "Whether, having regard to the terms and conditions of the original partnership deed and also in view of the provisions of section 13(c) of the Partnership Act was it not open to partners to change its course, when they realized that the interest on the debit balance of one of the partners was being charged erroneously, and the findings recorded by the Appellate Assistant Commissioner and confirmed by the Tribunal that the agreement dated February 20, 1975, was afterthought and not relevant are based on relevant consideration and liable to be sustained?" - We answer the question referred to us in the negative, i.e., in favour of the Revenue and against the assessee
|