1994 (1) TMI 2 - SC - Income Tax

Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the share of profit derived by Smt. Kiran Kumar, wife of the assessee, from the firm in which her husband is a partner as the karta of his Hindu undivided family, cannot be clubbed by applying the provisions of section 64 in the individual assessment of her husband in the status of an individual

Summary

The Supreme Court allowed the appeal and directed the Tribunal to refer a question to the High Court under section 256(2) of the Income-tax Act regarding the clubbing of a wife's share of profit from a firm with her husband's individual assessment.