9911796707
TMI Blog1980 (3) TMI 171X X X X Extracts X X X X X X X X Extracts X X X X ..... to a partnership with a stranger and his minor son was admitted to the benefits of the partnership. Since the business initially belonged to him in his individual capacity, the income from business was considered includible in his individual hands under s. 64(2)(b) of the IT Act, 1961. In the same view, the share income from the partnership amounting to Rs. 12,775 was also assessable. As regards the share income falling to his minor son, Ravishankar, admitted to the benefits of partnership, the share income of Rs. 9,598 was sought to be assessed under s. 64(1)(iii) of the Act on the footing that the assessee was a partner in the same firm. Both the additions were contested before the AAC. They were confirmed. The assessee's request for reli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the orders of the authorities or his other view that we should follow the judgment of the High Courts favourable to the Revenue on this issue. The assessee succeeds on this point. The inclusion of Rs. 9,598 as share income of minor son Ravishankar is deleted. This will be assessable only in his (Minor's) hands for this year. As for the Life Insurance premia paid by the HUF out of its share income from M/s Abarana Maligai, an income which has already been included in the hands of the assessee in his individual capacity under s. 64(2)(b), we are of the view that it will be inconsistent on our part to confirm the inclusion of income and deny the relief under s. 80C. The Deptl. Rep., no doubt, has drawn our attention to the decision of the K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who has transferred certain assets to his wife, and in certain specified circumstances the income arising from the transferred asset is taxed in the hands of the husband himself. It may be said in a manner of speaking that the income of the wife is deemed to be that of the husband, but the section itself does not say so." This Tribunal has been taking the same view in number of other similar cases. Under the circumstances, we have to allow relief under s. 80C to the extent of Rs. 1,913 being Life Insurance premia payable on the life of the Kartha of the family debited to family accounts from income which has been included in assessee's hands under s. 64(2)(b) of the Act. 4. In the result, the appeal is partly allowed. The inclusion of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
