https://www.taxtmi.com/caselaws?id=200657 The Income-tax Appellate Tribunal, Calcutta Bench, ruled that four money-lending businesses should be assessed as separate entities, not as part of a joint Hindu family. The Tribunal found that the businesses were genuinely distinct, based on the historical background of the family and the succession of ownership. The Tribunal emphasized that the gifts within the family were valid and not intended for tax evasion. Consequently, the Tribunal rejected the Commissioner of Income-tax's argument and upheld the separate assessment of the businesses as correct up to the assessment year 1938-39. en-us Tue, 16 Mar 1943 00:00:00 +0630 Wed, 11 Apr 2018 11:33:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200657 The Income-tax Appellate Tribunal, Calcutta Bench, ruled that four money-lending businesses should be assessed as separate entities, not as part of a joint Hindu family. The Tribunal found that the businesses were genuinely distinct, based on the historical background of the family and the succession of ownership. The Tribunal emphasized that the gifts within the family were valid and not intended for tax evasion. Consequently, the Tribunal rejected the Commissioner of Income-tax's argument and upheld the separate assessment of the businesses as correct up to the assessment year 1938-39. Case-Laws Income Tax Tue, 16 Mar 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=200657