https://www.taxtmi.com/caselaws?id=5017 Interest on Government securities held by a Hindu undivided family was held exempt under the notification issued under section 60 of the Income-tax Act, 1922, because the securities were in substance held on behalf of the coparceners who fell within the notified class. The SC held that the family's status as a separate unit of assessment did not alter ownership incidents under Mitakshara Hindu law, where coparcenary property is jointly owned with unity of possession and interest until partition. On that basis, the exemption notification applied and the question was answered in favour of the assessee. en-us Tue, 21 Mar 1967 00:00:00 +0530 Tue, 18 Nov 2008 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5017 Interest on Government securities held by a Hindu undivided family was held exempt under the notification issued under section 60 of the Income-tax Act, 1922, because the securities were in substance held on behalf of the coparceners who fell within the notified class. The SC held that the family's status as a separate unit of assessment did not alter ownership incidents under Mitakshara Hindu law, where coparcenary property is jointly owned with unity of possession and interest until partition. On that basis, the exemption notification applied and the question was answered in favour of the assessee. Case-Laws Income Tax Tue, 21 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5017