TMI Blog1976 (7) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... hat of the H.U.F. of Shri Viswanathan Chettiar. 3. Shri B.A. Viswanathan Chettiar is a money lender at Krishnagiri. For the assessment year 1972-73 he is assessed in the status of H.U.F. and the accounting period ended on 31st March 1972. During the year in question Shri Viswanathan Chettiar had joined as a partner in the firm of M/s Meenakshi Finance Corporation by investing a sum of Rs. 10,000. Before the Income-tax Officer the assessee claimed that he had joined the firm in his individual capacity and therefore, the share income from the firm of M/s. Meenakshi Finance Corporation is assessable as the individual income of Shri Viswanathan Chettier. It is the case of the assessee that he had borrowed Rs. 10,000 on 6th July, 1970 from one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irmed. Hence the assessee had preferred ITA No. 1518 (Mds)/ 75-76, before the Tribunal. 5. The short point for consideration in these appeals is whether the assessee borrowed Rs. 10,000 from Mrs. Ramarathnam Ammal, on 6th July, 1970 and invested it in M/s. Meenakshi Finance Corporation in his individual capacity or that sum was only the H.U.F. fund of the assessee. 6. The learned counsel for the assessee relied on the grounds of appeal filed before the Tribunal which is elaborate. He had also filed order of the Nagpur Bench camp at Madras in ITA No.2277 and 2278 (Mds)/74-75, wherein it was held that Govindarajulu was not the benamidar of his sister Ramarathnam Ammal. The learned Departmental Representative relied on the orders of the lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that money was utilised by the assessee in his individual capacity in becoming a partner of M/s. Meenakshi Finance Corporation. In such a view of the matter the share income from M/s. Meenakshi Finance Corporation during the assessment year 1971-72 to the extent of Rs. 2,868 cannot be included in the H.U.F. assessment of the assessee. It follows from this finding that the firm of M/s. Meenakshi Finance Corporation is one in which the assessee was a partner only as an individual and not in the capacity of H.U.F so along with the H.U.F. So, our finding is that there is no basis to club the income from M/s. Meenakshi Finance Corporation during the assessment year 1972-73 along with the H.U.F. income of the assessee for that year. 8. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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