https://www.taxtmi.com/caselaws?id=8150 Managing agency remuneration is taxable as Hindu undivided family income only where, in substance, it is a return on family investment or family funds; where it is compensation for services rendered by the individual coparcener, it is his separate income. On the facts, the earlier family connection with the underlying concerns did not make the managing agency a family asset, and the materials showed an independent firm, including a stranger partner, with no adequate nexus between family investment and the appointment as managing agents. The remuneration was therefore assessable as the individual income of B. N. Bhaskar, not as HUF income. en-us Mon, 02 Nov 1970 00:00:00 +0530 Tue, 31 Mar 2009 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8150 Managing agency remuneration is taxable as Hindu undivided family income only where, in substance, it is a return on family investment or family funds; where it is compensation for services rendered by the individual coparcener, it is his separate income. On the facts, the earlier family connection with the underlying concerns did not make the managing agency a family asset, and the materials showed an independent firm, including a stranger partner, with no adequate nexus between family investment and the appointment as managing agents. The remuneration was therefore assessable as the individual income of B. N. Bhaskar, not as HUF income. Case-Laws Income Tax Mon, 02 Nov 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8150