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TMI Blog1975 (6) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... essment year 1969-70 ; the relevant accounting year ended on March 31, 1969. The assessment was made on the assessee in the status of an individual. He is a Hindu and has a wife and daughter. On March 15, 1969, the assessee wrote a letter to the ITO stating that with effect from March 4, 1969, he has thrown four items of immovable properties and some shares in limited companies into the hotchpot of his HUF and the said properties have to be dealt with and treated as properties belonging to the HUF of which the assessee is the karta. Besides income from the property and the shares mentioned in his letter, the assessee had income from salary. In the return submitted for the assessment year 1969-70, the income from the property and the shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a sum of Rs. 62 only accrued after March 4, 1969, and the balance Rs. 776 accrued before March 4, 1969. With regard to the dividend income the Tribunal has stated that out of the total dividend income of Rs. 7,335 received during the accounting period a sum of Rs. 1,926 received from the Syndicate Bank was declared on March 31, 1969, and the balance Rs. 5,409 had been declared prior to March 4, 1969. The Tribunal has also stated that the assessee had paid a sum of Rs. 8,017 as interest on sums borrowed for acquisition of the shares, but it was not able to gather the facts as to the actual amount of interest that could be. related to. the shares that had been thrown into the hotchpot. In view of the further statement of facts submitted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench, said : " It is well settled that a Hindu joint family consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. A Hindu coparcenary is a much narrower body than the joint family ; it includes only those persons who acquire by birth an interest in the joint or coparcenary property, these being the sons, grand-sons, and great-grandsons of the holder of the joint property for the time being. The plea that there must be at least two male members to form a HUF as a taxable entity has no force." The second reason given by the Tribunal that in order to impress the self-acquired property of a coparcener with the character of joint family property by throwing it voluntarily into th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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