TMI Blog1973 (3) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... tnership firm of M/s. Ganesh Prasad Dalal for the assessment years 1962-63 and 1963-64 was assessable as the income of the assessee-Hindu undivided family ? " - - - - - Dated:- 28-3-1973 - Judge(s) : SATISH CHANDRA., N. D. OJHA. JUDGMENT The judgment of the court was delivered by OJHA J.-The following question of law has been referred for our opinion by the Income-tax Appellate Tribunal, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Ganesh Prasad Dalal as a representative of the Hindu undivided family. The firm, Ganesh Prasad Dalal, was on 19th October, 1960, re-constituted and a deed of partnership was excuted on the date. Under the said deed, the various Hindu undivided families which were partners before the said date, ceased to be partners and one representative of each family was taken as a partner. In the case of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... share in the name of Sri Gajanand Sutwala in the partnership business styled Ganesh Prasad Dalal was a joint family ancestral property ...... There is admittedly no family arrangement or partition amongst the members of the family justifying the enjoyment of the share of profit from the partnership business by the karta exclusively...... Since the facts in this case show that this change in charac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t been suggested that 6 per cent. interest on unsecured advance was at all appropriate or adequate. Sri Gajanand Sutwala did not contribute any capital of his own, nor did he contribute anything else by virtue of his being a working partner or otherwise. The funds of the Hindu undivided family with the firm thus constituted the capital for Sri Gajanand Sutwala to continue as a partner of the recon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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