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TMI Blog1970 (11) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... and his widowed mother, Smt. Kastoori Devi. The assessment years are 1956-57, 1957-58 and 1958-59. Up to the assessment year 1948-49, the assessee was being assessed as a Hindu undivided family. For the assessment year 1949-50 and subsequent years, the assessee claimed partition in the family. The assessee's case has all along been that there was partition in the family in the year 1948. The family carried on business. Some of the assets of the assessee were in the books of the family. Several items were outside the books. Items in the books of the assessee were divided on June 30, 1948. On July 7, 1948, a partnership firm took over the assets, which had been divided on June 30, 1948. The assets outside the books were also divided on Oct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 24,000 had been divided among the members of the family before the three relevant assessment years. That is why question No. 1 has been confined to items besides those three items. In the statement of the case there is a table giving details of the assets, which were divided in the year 1948. There were five items of assets in the books, and seven items outside the books. The total value of the assets in the books came to Rs. 3,29,819, After adjusting a certain liability amounting to Rs. 56,156, the balance was divided among the six members of the family. The share allotted to each member came to Rs. 45,610-7-0. Entries to this effect were made in the books of the family on June 30,1948. The items outside the books were disposed of afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tent of three lakhs of rupees. It appears that the various businesses set up by individual members of the family after the year 1948 came out of the assets which were divided in the year 1948. The statement of the case shows that there were no business assets besides those which were divided in June and October, 1948. It appears that in due course those very assets were actually divided among the different members of the family ; and the individual members were able to set up separate businesses from those asset It is true that up to June, 1948, these funds constituted joint-family funds. But there was a definite plan to divide the assets, and when they were actually divided among the members of the family, the funds ceased to be joint fami ..... X X X X Extracts X X X X X X X X Extracts X X X X
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