1998 (4) TMI 35

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..... ubstantial question of law for our consideration in relation to the assessment year 1980-81 : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the assessee is entitled to share the loss in the firm in which the assessee's father is a partner and in respect of which the assessee has overriding title ?" The assessee claimed during the .....

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..... of CWT v. J. K. K. Angappa Chettiar [1979] 116 ITR 456, held that as a result of the partial partition effected between the assessee and his minor sons, there was a diversion of the profit from the firm and the profit attributing to the interest of the minor sons cannot be treated as wealth of the assessee as a result of the partial partition. That case arose under the Wealth-tax Act and the same .....

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