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TMI Blog1992 (11) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... erty of the Hindu undivided family of which L. Bansi Dhar is the karta and not the individual property of L. Bansi Dhar ? 2. Whether, on the facts and in the circumstances of the case, dividend income Amounting to Rs. 31,921 earned by L. Bansi Dhar from shares of various companies held in the name of L. Bansi Dhar is correctly treated as belonging to the Hindu undivided family of which L. Bansi Dhar is the karta and not to the individual, L. Bansi Dhar ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that income from house property at S. P. Road, New Delhi, was to be computed on the basis of the actual rent received and not the standard rent under the Delhi Rent Control Act ? " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed family. This conclusion was upheld in appeal and also in the second appeal by the Tribunal. It is thereafter the aforesaid questions of law were referred. In respect of earlier assessment years, i.e., 1957-58 to 1959-60, similar questions had been referred and vide the decision of this court in L. Bansi Dhar and Sons v. CIT [1980] 123 ITR 58, it was held that the accident insurance money received was the personal property of the sons of Murli Dhar and was not the property of their respective Hindu undivided families. It was further held that the shares which were purchased with the help of that money also belonged to Bansi Dhar in his individual capacity. Following the said decision, questions Nos. 1 and 2 have to be answered in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law is, therefore, decided in the aforesaid terms. As regards the question referred at the instance of the Department, we are informed by Mr. Aggarwal that in respect of the assessment year 1978-79, in order to avoid future litigation, and despite the decision of the Tribunal in its favour, the assessee has agreed to the stand of the Department, namely, that the dividend from the said 308 shares of Madan Mohan Lal Sri Ram Pvt. Ltd. belongs to the Hindu undivided family. Mr. Aggarwal further states that as the assessee has accepted this position in respect of the later assessment year, namely, 1978-79, he has instructions from his client to contend that the question of law referred at the instance of the Department may be answered in favo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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