https://www.taxtmi.com/caselaws?id=66293 The Tribunal ruled in favor of the partners, holding that the share income derived from a partnership firm should not be entirely assessed in the partner's hands. The Tribunal emphasized that a partial partition of a Hindu Undivided Family (HUF) results in a division of the right to share in profits, and an agreement among family members regarding share income affects its assessment. The Tribunal rejected the Revenue's objections and allowed the appeals, affirming the validity of the partial partition and the overriding title in respect of the share income as per the family agreement. en-us Mon, 18 Aug 1980 00:00:00 +0530 Wed, 23 Feb 2011 13:37:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66293 The Tribunal ruled in favor of the partners, holding that the share income derived from a partnership firm should not be entirely assessed in the partner's hands. The Tribunal emphasized that a partial partition of a Hindu Undivided Family (HUF) results in a division of the right to share in profits, and an agreement among family members regarding share income affects its assessment. The Tribunal rejected the Revenue's objections and allowed the appeals, affirming the validity of the partial partition and the overriding title in respect of the share income as per the family agreement. Case-Laws Income Tax Mon, 18 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66293