THE COMMISSIONER OF INCOME TAX, DELHI vs BANSI DHAR & SONS

The Supreme Court addressed the jurisdiction of the High Court under Section 66 of the Indian Income Tax Act, 1922 and Section 256 of the Income Tax Act, 1961, determining that the High Court does possess the authority to grant stay or interim orders in pending references. The Court held that the income derived from an insurance policy received by the Karta of a Hindu Undivided Family (HUF) should be treated as personal income rather than HUF income, thus upholding the Appellate Assistant Commissioner's decision. The ruling clarified the interpretation of the High Court's powers in tax matters, emphasizing its ability to prevent prejudice to the assessee during ongoing assessments.