9911796707
TMI Blog1986 (2) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was carried out on 30th March, 1979. This amount was distributed amongst the members of the HUF as follows: 1. Maganlal Mohanlal Panchal Rs. 30,000 2. Kacharalal Mohanlal Panchal Rs. 10,000 3. Revabhai Mohanlal Panchal Rs. 10,000 The said sums then came to the respective smaller HUFs of the aforesaid members. The said Mohanlal, Kachara ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on before us is whether the income earned by the partnership firms can be so added in the hands of the HUF, which means that we have to ascertain whether there is a connection between the earning of that income and the capital contributed from the finds received on the partition of the HUF. 4. The assessee's ld. counsel pointed out that in the deed of the partnership firms, there was no require ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee-HUF because the partition was not recognised. He argued that since the partition was not recognised, the members of the assessee-HUF who became partners did not represent their smaller HUFs but represented the assessee-HUF. 5. First of all, it is well established proposition that it is not necessary that an HUF should have any property in order that in may exist. An HUF can exist without any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned and the income from the partnership firms which is sought to be added in the hands of the assessee. That connection has to be established by the Revenue because it is they who wish to add that income in the hands of the assessee. The addition of interest under s. 215 is consequential. All that can be added is the bank interest and the amount of Rs. 50,005 in the hands of the assessee. Proporti ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
