https://www.taxtmi.com/caselaws?id=16677 The High Court upheld the Tribunal's decision, ruling that the declaration made on September 30, 1969, impressing a sum of Rs. 4,00,000 with the character of Hindu undivided family (HUF) property was valid and effective from that date. The Court held that the provisions of Section 64(2) of the Income-tax Act and Section 4(1A) of the Wealth-tax Act were not applicable, as the declaration was genuine and the intention to impress the property with HUF character was clearly expressed on the stated date. The Court ruled in favor of the assessee, directing the exclusion of specified amounts from income-tax and wealth-tax assessments for the relevant years. en-us Tue, 20 Aug 1996 00:00:00 +0530 Wed, 09 Sep 2009 13:26:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16677 The High Court upheld the Tribunal's decision, ruling that the declaration made on September 30, 1969, impressing a sum of Rs. 4,00,000 with the character of Hindu undivided family (HUF) property was valid and effective from that date. The Court held that the provisions of Section 64(2) of the Income-tax Act and Section 4(1A) of the Wealth-tax Act were not applicable, as the declaration was genuine and the intention to impress the property with HUF character was clearly expressed on the stated date. The Court ruled in favor of the assessee, directing the exclusion of specified amounts from income-tax and wealth-tax assessments for the relevant years. Case-Laws Income Tax Tue, 20 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16677