1988 (6) TMI 27

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..... the Tribunal was correct in law in holding that the assessee, Shri Joysukhlal Sethia, cannot be assessed in the status of an association of persons, but that he should be assessed in the status of an individual in respect of his individual portion of the share of profits from the firm, Keshrichand Joysukhlal, for the assessment year 1967-68 and that the income in the name of Joysukhlal Sethia has .....

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..... rship was governed by the earlier deed and so he treated the assessee along with his grandsons as forming an association of persons. The Appellate Assistant Commissioner, on the same facts, reversed the findings of the Income-tax Officer and held that the assessee cannot be taxed as an association of persons and that he should be taxed as an individual and his individual portion in the partnership .....

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