Minor’s Partnership Income Cannot Be Clubbed for Pre-April 1976 Period: Patna HC

Advertisement Loknath Goenka Vs CIT (Patna High Court) The Patna High Court Full Bench answered a reference under Section 256(1) of the Income Tax Act, 1961, arising out of Taxation Case No. 126 of 1982 and Taxation Case No. 28 of 1986, regarding the temporal applicability and retrospective operation of Section 64(1)(iii) of the Act. Material Facts & Procedural History In Taxation Case No. 126 of 1983 and Taxation Case No. 28 of 1986, the accounting years of the respective partnership firms closed on August 10, 1975, and December 31, 1975, prior to April 1, 1976. The Income Tax Appella...