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TMI Blog1989 (7) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... two questions were referred to this court under section 256 of the Income-tax Act : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the partnership between the karta of the Hindu undivided family and the coparcener was a valid partnership ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was legally c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment year 1972-73, the Incometax Officer refused to register the firm on the ground that the members of the family cannot enter into a contract with the karta of the same Hindu undivided family of which he was a member. The Appellate Assistant Commissioner allowed registration and the Appellate Tribunal affirmed the order of the Appellate Assistant Commissioner. In the year 1973-74, Vija ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... embers of the Hindu undivided family, the Income-tax Officer incorrectly found that the members of the family cannot enter into a contract with the karta of the Hindu undivided family. In CIT v. Gupta Brothers [1981] 131 ITR 492 (All), the High Court held that being a contract and being found on some consideration, such a contract, as was entered into in this case, is valid. Consequently, we answ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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