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of <h1>Partner's Attempt to Convert Share to HUF Property for Tax Benefits Invalid, Violates Hindu Law on Joint Liabilities.</h1> An individual, acting as a partner in a firm, attempted to convert half of his share into joint family property, claiming tax benefits for the Hindu Undivided Family (HUF) of which he was the 'karta'. The Board determined this claim was incorrect under Hindu law, which allows separate property to become joint family property only if it benefits the family without imposing liabilities. As partners are jointly liable for firm debts, the individual's declaration was invalid. Instructions were issued to Income Tax Officers to disregard such declarations and review past assessments to recover any lost revenue, with a report due by September 30, 1974.
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