https://www.taxtmi.com/caselaws?id=62416 The Tribunal dismissed the appeals, affirming that the share of income from the partnership firm should be assessed in the hands of the individual partners and not the HUFs. The capital invested in the new firm was determined by the partners, and the income was generated using their individual funds, as the partnership deed clearly indicated that joint family funds were not utilized as capital. Therefore, the income belonged to the individual partners, leading to the exclusion of the share of income from the firm from the assessment of the respective HUFs. en-us Wed, 07 Jan 1976 00:00:00 +0530 Wed, 19 Jan 2011 17:38:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62416 The Tribunal dismissed the appeals, affirming that the share of income from the partnership firm should be assessed in the hands of the individual partners and not the HUFs. The capital invested in the new firm was determined by the partners, and the income was generated using their individual funds, as the partnership deed clearly indicated that joint family funds were not utilized as capital. Therefore, the income belonged to the individual partners, leading to the exclusion of the share of income from the firm from the assessment of the respective HUFs. Case-Laws Income Tax Wed, 07 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62416