https://www.taxtmi.com/caselaws?id=6281 A Hindu undivided family and its karta in his individual capacity are distinct assessees, so a first assessment on the family could not be treated as a reassessment where the earlier ex parte order had been made only on the karta individually; the assessment for assessment year 1955-56 was therefore barred by limitation under section 34(3). The document also notes that loans or advances by a closely held company to a Hindu undivided family may be treated as deemed dividends under section 2(6A)(e) where the shares stand in the karta's name but are held for the family, to the extent of accumulated profits. Accordingly, the deemed-dividend question was answered in favour of the Revenue. en-us Wed, 22 Sep 1971 00:00:00 +0530 Sat, 27 Jan 2018 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6281 A Hindu undivided family and its karta in his individual capacity are distinct assessees, so a first assessment on the family could not be treated as a reassessment where the earlier ex parte order had been made only on the karta individually; the assessment for assessment year 1955-56 was therefore barred by limitation under section 34(3). The document also notes that loans or advances by a closely held company to a Hindu undivided family may be treated as deemed dividends under section 2(6A)(e) where the shares stand in the karta's name but are held for the family, to the extent of accumulated profits. Accordingly, the deemed-dividend question was answered in favour of the Revenue. Case-Laws Income Tax Wed, 22 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6281