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Issues involved: Determination of the status of the assessee as HUF for assessment years 1971-72 and 1972-73.
Summary: The High Court of Orissa was called upon to decide whether the Income-tax Appellate Tribunal was justified in holding the status of the assessee as HUF based on the facts and circumstances of the case. The case involved the assessment years 1971-72 and 1972-73, with the main contention being the status of the assessee as an individual or as HUF. The assessee, Harish Chandra Gupta, had initially claimed the status of an individual for several assessment years but later revised his return to claim the status of an HUF. The revenue did not concede to this claim and assessed the assessee as an individual for the years under consideration. The Tribunal, however, considered the evidence presented by the assessee, including his declaration as the karta of the HUF in previous returns, and concluded that the assessee was entitled to be assessed in the status of an HUF. The Tribunal relied on legal principles established in previous court decisions, including the doctrine of throwing into the common stock under Hindu law. The High Court, after examining the facts and the application of law by the Tribunal, upheld the decision that the status of the assessee was that of an HUF. The Court emphasized that the conclusion was not based on a bare proposition of law but on the application of law to the specific facts of the case. In conclusion, the High Court affirmed the Tribunal's decision regarding the status of the assessee as HUF for the assessment years in question. The parties were directed to bear their respective costs of the references.
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