https://www.taxtmi.com/caselaws?id=276439 Where a karta's office as managing director was obtained through family shareholding purchased with joint family funds, the remuneration, commission and sitting fees were treated as income traceable to joint family property and therefore assessable in the hands of the Hindu undivided family. The court rejected the view that such receipts were merely personal earnings because they arose from contractual service, and applied the principle that income derived through the use of family assets retains its joint family character when the asset is the source of the qualifying office. The resulting income was held taxable as family income, not the separate income of the karta. en-us Thu, 17 Oct 1963 00:00:00 +0530 Mon, 12 Nov 2018 11:11:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276439 Where a karta's office as managing director was obtained through family shareholding purchased with joint family funds, the remuneration, commission and sitting fees were treated as income traceable to joint family property and therefore assessable in the hands of the Hindu undivided family. The court rejected the view that such receipts were merely personal earnings because they arose from contractual service, and applied the principle that income derived through the use of family assets retains its joint family character when the asset is the source of the qualifying office. The resulting income was held taxable as family income, not the separate income of the karta. Case-Laws Income Tax Thu, 17 Oct 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276439