1993 (2) TMI 11 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee, a Hindu individual who had thrown his share in a partnership into the common pool of his Hindu undivided family. The court held that the share in the partnership could be considered joint family property, overturning the Commissioner of Income-tax's decision. The Tribunal was correct in restoring the Income-tax Officer's assessment orders for the relevant years.