https://www.taxtmi.com/caselaws?id=6728 A genuine partial partition of Hindu undivided family property was recognised where Government promissory notes and partnership interests were allotted to the son. For the promissory notes, the allotment and corresponding family book entries were sufficient to vest title, and later formal endorsement did not prevent the transfer from taking effect. For the partnership interests, a family share in a firm could be divided by appropriate allotment and book adjustments without immediate reconstitution of the firm, and separate credit of profits supported the disruption. The income from the allotted assets was therefore not assessable as family income. en-us Fri, 08 Jul 1966 00:00:00 +0530 Sun, 01 Feb 2009 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6728 A genuine partial partition of Hindu undivided family property was recognised where Government promissory notes and partnership interests were allotted to the son. For the promissory notes, the allotment and corresponding family book entries were sufficient to vest title, and later formal endorsement did not prevent the transfer from taking effect. For the partnership interests, a family share in a firm could be divided by appropriate allotment and book adjustments without immediate reconstitution of the firm, and separate credit of profits supported the disruption. The income from the allotted assets was therefore not assessable as family income. Case-Laws Income Tax Fri, 08 Jul 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6728