9911796707
TMI Blog1981 (8) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... is assessment year 1969-70, the previous year being Samvat year 2024. The assessee, since deceased, was a partner in the firm of M/s. Damodardas & Co. His share in the profits and losses of the firm was four annas in a rupee. The income derived by him as and by way of his share in the profits of the said firm was taxed as his individual income up to assessment year 1968-69. On September 18, 1968, the assessee made a declaration on oath stating that on and with effect from September 1, 1968, he had impressed his share in the firm of M/s. Damodardas & Co. with the character of joint family property forming part of the joint family property owned by Ramswaroop Kalumal-HUF. The assessee, by his letter dated September 27, 1968, informed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e declaration, which are reproduced by the Tribunal in its order, read as under : " 3. I have on and from 1-9-1968, by the exercise of volition impressed the said 0-4-0 share in M/s. Damodardas & Co., Ashok Nivas, Relief Road, Ahmedabad (excluding credit balance in that firm), which was my individual property, with the character of joint family property forming part of the joint family property of Ramswaroop Kalumal. 4. The said property ceased to be my personal property and I abandoned my personal claims over and interest in the said property on and from 1-9-1968, and thus the above-said Hindu undivided Family came to own the said property for their common use and enjoyment. 5. The abovesaid property, as also income arising therefrom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the declared intention of the assessee to divest the source from himself to the HUF, was acted upon. The conduct relied upon by the Tribunal consisted of the information furnished by the assessee within a few days of the making of the declaration to the concerned ITO and the note made in the return filed in the status of individual. The Tribunal also rightly rejected the contention of the Revenue that since in the books of the partnership firm no change had been effected and the account maintained in the name of the assessee was continued to be so maintained and the share of profits and other amounts were credited in the said account, the assessee had not acted upon his intention, if any, to divest himself of the share in the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... share must be treated as having continued as the private property of the assessee. Now, apart from the question whether this submission is sound in law, we are of the view that it is not open to the Revenue to urge the same at this stage on the facts and in the circumstances of the case. submission on these lines was not advanced before the Tribunal in specific terms. Whether the assessee at all contributed to the capital of the firm, whether there was any nexus or inseparable connection between the amount, if any, standing to his credit in the so-called " capital account and the share of the assessee in the partnership firm and whether the " capital account " consisted only of the capital, if any, so contributed are all questions of fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
