https://www.taxtmi.com/caselaws?id=6720 A partition deed can validly distribute an assessee's self-acquired properties among his wife and sons without first converting them into Hindu joint family property, and the recipients take their allotted shares as separate property. The deed therefore does not, by itself, require the income from those assets to be treated as HUF income. On the business side, a partnership arises only where there is an agreement to carry on business as partners and share profits in that character. A recital promising profit shares as an inducement to cooperate in the shop business did not create a partnership; the first genuine partnership was constituted later by the deed of 18 November 1959, so the business income before that date remained assessable as individual income. en-us Wed, 06 Jul 1966 00:00:00 +0530 Sun, 01 Feb 2009 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6720 A partition deed can validly distribute an assessee's self-acquired properties among his wife and sons without first converting them into Hindu joint family property, and the recipients take their allotted shares as separate property. The deed therefore does not, by itself, require the income from those assets to be treated as HUF income. On the business side, a partnership arises only where there is an agreement to carry on business as partners and share profits in that character. A recital promising profit shares as an inducement to cooperate in the shop business did not create a partnership; the first genuine partnership was constituted later by the deed of 18 November 1959, so the business income before that date remained assessable as individual income. Case-Laws Income Tax Wed, 06 Jul 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6720