TMI Blog1980 (10) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... 960, in the name of M/s. Laxman Prasad Ramesh Chandra. The business was that of commission agent in grains. The initial capital of Rs. 41,000 is said to have been transferred to Laxman Prasad by his grandmother, Smt. Laxmi Devi. In the books of accounts, the amount was credited in the name of Laxman Prasad Ramesh Chandra. Accounts were opened in the same name with three banks, namely, State Bank of Bikaner and Jaipur, Punjab National Bank and Central Bank of India. The " karta " of the joint Hindu family Govind Sharan was also entitled to operate the accounts and overdraft facilities were obtained from the banks on the guarantee of the joint family, business. The assessee claimed before the ITO that the business in the name and style of L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal was partly allowed, vide order dated May 30, 1970. The assessee filed an application under s. 256(1) of the I.T. Act, 1961, for referring certain questions of law arising out of the impugned order dated May 30, 1970. On the application of the assessee the Appellate Tribunal submitted a statement of case and referred the following questions of law to this court for its opinion: "1. Whether, on the facts and in the circumstances of the case, the profits from business in the name and style of Laxman Prasad Ramesh Chandra could be included in the income of the assessee-Hindu undivided family ? 2. Whether, on the facts and in the circumstances of the case, the amount of Rs. 11,548 introduced in the account of Laxman Prasad Ramesh Chan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r urged that the name of Ramesh Chandra was innocently joined in the business newly started by Laxman Prasad, as he was his younger brother and his grandmother had love and affection for him. There is no presumption in Hindu law that any business carried on by a member or members of a joint family is joint family business and it is for those who alleged that it is so to prove it. In support of the above contention he placed reliance on Sir Padampat Singhania v. CIT [1953] 24 ITR 184 (All), D. D. Kapoor v. CIT [1955] 27 ITR 348 (Pat), Premsukhdas Jagnani v. CIT [1962] 46 ITR 376 (Pat) and V. D. Dhanvatey v. CIT [1968] 68 ITR 365 (SC). The nucleus of the joint Hindu family property is neither admitted nor proved. On the contrary, there is evi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... siness lay on, the revenue, but the presumption of jointness is a rebuttable presumption. A perusal of annexs. G, H and I reveals that Laxman Prasad made unequivocal admissions to the bank authorities, vide his letter dated August 6, 1963. In Thiru John and V. Subrahmanyan v. Returning Officer, AIR 1977 SC 1724, their Lordships of the Supreme Court, while dealing with the value of an admission made by a party, have observed as under (p. 1726): " It is well settled that a party's admission as defined in secs. 17 to 20 fulfilling the requirements of section 21, Evidence Act, is substantive evidence proprio vigore. An admission, if clearly and unequivocally made, is the best evidence against the party making it and, though not conclusive, sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferences drawn from such material, in the facts and circumstances of this case, cannot be held to be perverse or based on no evidence. When a conclusion has been reached, by the Tribunal in the case on hand on an appreciation of a number of facts established by the evidence, whether that is sound or not must be determined not by considering the weight to be attached to each single fact in isolation, but by assessing the cumulative effect of all the facts in their setting in the picture as a whole. We are of the opinion that the inference drawn by the Appellate Tribunal from the proved facts of the case is a correct one. We are, therefore, of the view that the Appellate Tribunal has rightly held that the profits from the business in the na ..... X X X X Extracts X X X X X X X X Extracts X X X X
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