9911796707
TMI Blog1996 (1) TMI 72X X X X Extracts X X X X X X X X Extracts X X X X ..... , which reads as under : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the share of profit from Shiv Shankar Soap Factory arising to the assessee's wife, Smt. Pushpa Devi, did not arise from the assets transferred directly or indirectly to Smt. Pushpa Devi by the assessee and, therefore, the said share of profit was not includible in the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hare income arose to Smt. Pushpa Devi because of her investment of capital in the firm. The Appellate Assistant Commissioner relied upon the judgments of the Supreme Court given in the case of CIT v. Jwalaprasad Agarwala [1967] 66 ITR 154 and CIT v. Prem Bhai Parekh [1970] 77 ITR 27 and on that basis, he deleted the wife's income from the assessee's assessment. This action of the Appellate Assista ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessee has invited our attention to the terms of the deed of partnership and clause 3 which says that the capital contribution of the parties towards the capital of the firm shall be according to the respective resources of the parties and needs of the firm. By this, it does not mean that each of the partners had to make a contribution. Both the authorities below have found that factuall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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