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TMI Blog1985 (1) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... artition, Motilal is said to have received Rs. 15,000 and Vinod Kumar is said to have received Rs. 10,000 and Smt. Shanti Devi, wife of Motilal did not receive any account since she had sufficient ornaments and capital in the firm, M/s S. S. Traders. The partition was not accepted as genuine by the ITO. However, on appeal by the assessee, the AAC accepted the partition. The department is, therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade in the account books of S. S. Traders on the same day i.e., to say Rs. 25,000 were debited in the name of Har Narain Motilal and Rs. 25,000 were credited in the name of Motilal (HUF). Thus, all these entries are cross entries. Then on the next day i.e., to say 15th Feb., 1977 Rs. 25,000 were debited to the HUF of Motilal and Rs. 15,000 were credited in the name of HUF of Motilal and Smt. Shant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een shown as the what assets to liabilities were partitioned and this is ex facie proof of the partition being fictious. Learned representative fort he assessee, on their other hand, placed reliance upon the CIT vs. M/s Tulsi Das Mills 1974 UPTC 7 and argued that physical division of property is not essential for genuine and valid partition. According to him, mere book transfer entry even of the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firm and how the HUF of Motilal was connected with that firm. No business is said to have been partitioned. The only evidence of partition is that Rs. 25,000 were debited in the account books of M/s S. S. Traders in the name of HUF of Motilal and correspondingly Rs. 15,000 were credited in the name of Motilal and Smt. Shanti Devi and Rs. 10,000 were credited in the name of Shri Vinod Kumar. This ..... X X X X Extracts X X X X X X X X Extracts X X X X
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