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2015 (8) TMI 166 - AT - Income TaxBusiness and interest income - whether should be included in the assessee HUF’s total income? - Held that:- Hon’ble Delhi High Court vide its interim order dated 17.2.1984, determined 60% share as undisputed leaving 40% as disputed. Accordingly, a Receiver was appointed to collect rent from all the tenants and also make inventory of goods in the business of M/s Gupta Sports House. A final settlement was arrived at amongst all the family members only in the year 2004. It shows that up to November, 2014, there were no determined shares of the litigants in the house properties and business under the name and style of Gupta Sports House. Going by the prescription of section 168, total income from the estate of late Shri B.D. Gupta, except to the extent of distributed to or applied for the benefit of specific legatees, is required to be charged to tax in the hands of the executor and not the assessee HUF. It is obvious that once an income has arisen from the estate of a deceased and there are provisions under the Act mandating the charge thereon, such income cannot go tax free. Therefore, direct the AO to tax the income from the estate of late Shri B.D. Gupta for the year under consideration in terms of section 168 of the Act. In so far as the assessee under consideration is concerned, there cannot be any inclusion of business or interest income in its hands.
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