1989 (3) TMI 127 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled in favor of a Hindu undivided family in a case involving a partial partition of assets in two firms. The court found that the assets were physically divided and the partition was valid, leading to the acceptance of the partial partition for the assessment year 1974-75. The Income-tax Appellate Tribunal's decision was upheld, and the question of law was resolved in favor of the assessee.