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TMI Blog1975 (11) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... ingh Mangat Singh. It is constituted of two brothers and their families. The source of income has been from house property and money lending business. 2. The capital account of the family in the money lending business on1st April, 1970, the first day of the accounting year relevant to the present asst. yr. 1971-72 showed a credit balance of Rs. 97,218.50. On the same day an entry was made in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The two members were also not aware as to what amount lying with doubts had come to their share. According to him, the partial partition was just on paper, and the divided amounts had not been delivered to the two members. 5. In appeal, the AAC sustained this decision. According to him, this was a case of part partition to the whole business as the entire capital and so also the debtors were n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the business, it was further held can, therefore, be brought about by mere specification of share in the accounts and making entries therein to show that the business is held in severally and in specified shares; is not necessary that there should be physical division of the business. Two decisions of Allahabad High Court are also referred to viz : 84 ITR 186 82 ITR 173. In the former decision, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whole asset can well take place, and that this can be brought about in a running business by making appropriate, entries in the books. Even the capital has been held to be divisible although the business itself is not divided. 9. In view of these decisions, we are inclined to uphold the case of partial partitions set up by the assessee. 10. The other ground in this appeal could not have been c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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