9911796707
TMI Blog1978 (8) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... his individual account with Messrs. Sohan Mal Hakam Chand and Company of Muzaffarnagar. With effect from 18th March, 1972, he impressed this amount with the character of HUF property. He became a partner in the aforesaid firm on September 4, 1972. In the previous year relevant to the assessment year 1973-74, he earned Rs. 1,000 as interest on the aforesaid amount for the period from April 1, 1972, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chand Company, in the assessee's income for the assessment year 1973-74 under section 64(2) of the Income-tax Act, 1961 ? " After hearing counsel for the parties, we are of the opinion that the revenue authorities as also the Appellate Tribunal have been right in including the aforesaid two amounts in the income of the assessee under s. 64(2) of the Act. The relevant part of that sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f April, 1971,-- (a) the individual shall be deemed to have transferred the converted property, through the family, to the members of the family for being held by them jointly; (b) the income derived from the converted property or any part thereof, in so far as it is attributable to the interest of the individual in the property of the family, shall be deemed to arise to the individual and n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 70, with effect from 1st April, 1971. This sub-section supersedes the general law that where a coparcener throws his separate property into the common stock of the family and thereby converts it into joint family property, or where such property is subsequently partitioned among the family members including the coparcener's wife and minor children, there is no direct or indirect transfer by the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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