9911796707
TMI Blog1985 (1) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... his wife even after that partial partition. A firm was constituted, Har Narain Motilal by name of which the partners were Motilal (HUF) consisting of himself and his wife and Vinod Kumar. Cl. (6) of the said deed of partnership provided payment of monthly allowance to the partners. It reads as under: "That each party will get a monthly allowance of Rs. 500 p.m. and in case even if the first pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowance of Rs. 6,000 per annum received by Motilal from the partnership firm should be treated as income of Motilal (HUF) or Motilal (individual). 3. We have heard ld. representatives of the parties. There cannot be any quarrel with the proposition that remuneration of a member of an HUF as partner of the firm in which the HUF is partner, is individual income of the said member of the HUF and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ervices but also for goodwill of the business and as such, the contract of partnership was that Motilal would get the same amount of Rs. 500 per month till his death even if he retired form the partnership. In view of these facts the law that remuneration received by a member of HUF from a firm in which the HUF is a partner, is his individual income and not the income of the HUF is not applicable ..... X X X X Extracts X X X X X X X X Extracts X X X X
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