9911796707
TMI Blog1943 (3) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... its should be assessed separately. The first and most important business is carried on in the name of Sha Agarchand, Manmul and the three other businesses under the styles of N. Eatanchand, M. Parasmal and Bai Naini Kuar respectively. The question which has been referred reads as follows :- Whether in the circumstances of the case the income of the businesses in the names of Eatanchand, Parasmal and Naini Kuar, sons and wife of the respondent is assessable as the income of a Hindu undivided family in the hands of the respondent ? In order to understand the position it is necessary to go back to the year 1891. On the 12th February of that year Sha Agarchand, an Oswal Jain, the founder of the business now carried on under the style of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nmull on the death of Udai Kuar in 1931. From 1931 until the assessment year 1939-40 the four businesses were assessed separately to income-tax. In that year the Income-tax Officer held that the four businesses were really one and carried on by the joint family of which Mohanmull was the head. The Income-tax Officer formed the conclusion that with a view to the evasion of taxation at the appropriate rate Mohanmull had started three subsidiary businesses and had kept separate sets of books in respect of each of them though they were in reality parts of the main business. This finding was reversed on appeal by the Appellate Assistant Commissioner. The Appellate Assistant Commissioner was of the opinion that it was not a matter of attemp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... du undivided family yet inasmuch as the parties have themselves accepted their rights on the basis of the gifts, it is not possible to say now that the property is the joint family property. (h) The Income-tax Department cannot claim or allocate the rights of parties after a lapse of 45 years in a manner which the parties themselves do not claim. It is unnecessary to inquire whether the law which applies to this community of Jains is as stated by the Tribunal. What the Court is concerned with is whether the gifts made by Sada Kuar and Udai Ku ar were bona fide transactions and were accepted by the members of the family. The finding of the Tribunal is that they were bona fide transactions and that they have been accepted as being valid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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