https://www.taxtmi.com/caselaws?id=22021 The court ruled in favor of the assessee, determining that income derived from partnership firms by the Hindu undivided family is not assessable in the individual's hands under section 64(2)(b) of the Income-tax Act. The court emphasized the necessity of a direct connection between the income and the converted property, stating that profits not directly linked to the contributed capital cannot be considered as derived from the converted property. Consequently, the Income-tax Application was dismissed, and the rule was discharged, with no order as to costs. en-us Thu, 09 Aug 1990 00:00:00 +0530 Sat, 05 Dec 2009 15:25:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22021 The court ruled in favor of the assessee, determining that income derived from partnership firms by the Hindu undivided family is not assessable in the individual's hands under section 64(2)(b) of the Income-tax Act. The court emphasized the necessity of a direct connection between the income and the converted property, stating that profits not directly linked to the contributed capital cannot be considered as derived from the converted property. Consequently, the Income-tax Application was dismissed, and the rule was discharged, with no order as to costs. Case-Laws Income Tax Thu, 09 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22021