TMI Blog1986 (3) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... ads as follows: " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the property at No. 29, General Muthiah Mudali Street, Madras, was enjoyed by the four brothers as tenants-in-common, that each of the four co-owners should be assessed in respect of their share of capital gains and that the adoption of the status of 'body of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income-tax Act, 1961. In the instant case, the four co-owners had become owners of a property as a result of the two original owners, Krishnaveni Ammal and Chempakalakshmi Ammal, who were the daughters of one Munuswamy Chetty, who was the original owner of the property, surrendering their life interest in favour of the four grandsons of Munuswamy Chetty, that is, two sons each of Krishnaveni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ful reading of that decision will show that the capital asset in that case was in the form of a business in bus service which was bequeathed by the original owner to his widow and four sons under his will. At the time of the death of the testator, all the four sons were minors and the widow took charge of the operation of the bus service and this position continued even after some of the sons had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a body of individuals was that the integrity of the business continued with none of the legatees wishing to take his or her share and depart and this, according to the court, was a clear indication that the mother and the children were still keeping steps as a body of individuals. What is, however, important is that while discussing the concepts of " body of individuals " and " association of per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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