9911796707
TMI Blog1978 (12) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... appellants' father made a declaration that a sum of Rs. 6,000 lying with his son-in-law and 30 tolas of gold jewellery are joint family properties and they should be divided equally between his two sons and their families. The son-in-law repaid the sum of Rs. 6,000 and this was divided equally between the two sons, the appellants herein. It was contended before the ITO that the sum of Rs. 6,000 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and not in the status of HUF. 3. On appeal, the AAC held that there is no satisfactory evidence for the moneys left behind by the father and except the statements made by the appellants and their brother-in-law, there is no adequate material to support the claim of the appellants and the share income from the partnership firm has been correctly assessed in the status of 'individual'. Aggrieved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re reasons to believe that the apparent is not the real, the appellants, who rely on the recitals in the deed, have failed to establish the truth and genuineness of these recitals made in the declaration and the partnership deed and in the circumstances, the status has been correctly taken as individual and not HUF. In support of this contention, the learned departmental representative relied on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uted on 30th Nov., 1972 recites that the appellants are partners in the firm representing their respective HUFs. The cumulative effect of all these facts and circumstances denotes that joint family funds have been invested by the appellants in the firm M/s. Shilpe Electricals and they are partners in the firm representing their respective HUFs. In the circumstances, the share income of the appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had come into existence very much from to 28th March, 1977. Hence, there is no basis for the contention that the recitals in the declaration and the partnership deed are not worthy of credence. If the declaration and the partnership deed are accepted, then it follows that ancestral funds have been invested as capital by the appellants in the partnership firm M/s. Shilpe Electricals and the appell ..... X X X X Extracts X X X X X X X X Extracts X X X X
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