https://www.taxtmi.com/caselaws?id=29030 The court upheld the Tribunal's decision to exclude the deceased assessee's share income from individual assessment, accepting that it was diverted to the Hindu Undivided Family (HUF) through a valid declaration. The court dismissed the Revenue's argument that no change in the firm's books invalidated the diversion, emphasizing that a partnership contract does not affect partners' rights outside the firm. A new argument regarding the treatment of capital account balance and share as HUF property was deemed untimely. The court ruled in favor of the assessee, with no costs awarded due to the assessee's absence during the hearing. en-us Thu, 27 Aug 1981 00:00:00 +0530 Wed, 10 Mar 2010 13:04:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29030 The court upheld the Tribunal's decision to exclude the deceased assessee's share income from individual assessment, accepting that it was diverted to the Hindu Undivided Family (HUF) through a valid declaration. The court dismissed the Revenue's argument that no change in the firm's books invalidated the diversion, emphasizing that a partnership contract does not affect partners' rights outside the firm. A new argument regarding the treatment of capital account balance and share as HUF property was deemed untimely. The court ruled in favor of the assessee, with no costs awarded due to the assessee's absence during the hearing. Case-Laws Income Tax Thu, 27 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29030