https://www.taxtmi.com/caselaws?id=65690 Under the Dayabhaga school, heirs of a deceased Hindu male take defined shares in inherited property, with unity of possession but not unity of ownership. Each heir is therefore owner of his or her own share, and that share is not jointly assessable as the wealth of an HUF. For wealth-tax purposes, the relevant shares, if taxable at all, are assessable in the individual hands of the heirs under Section 3 of the Wealth-tax Act. On that footing, the HUF assessments were treated as illegal and void and were cancelled. en-us Thu, 12 Jan 1978 00:00:00 +0530 Fri, 18 Feb 2011 13:17:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65690 Under the Dayabhaga school, heirs of a deceased Hindu male take defined shares in inherited property, with unity of possession but not unity of ownership. Each heir is therefore owner of his or her own share, and that share is not jointly assessable as the wealth of an HUF. For wealth-tax purposes, the relevant shares, if taxable at all, are assessable in the individual hands of the heirs under Section 3 of the Wealth-tax Act. On that footing, the HUF assessments were treated as illegal and void and were cancelled. Case-Laws Wealth-tax Thu, 12 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65690