https://www.taxtmi.com/caselaws?id=49332 The High Court held that profits accrued to Ashokbhai individually after the partition deed, not to the Hindu undivided family (HUF). The court determined that Ashokbhai became the full owner of the share in the partnership firm only from November 12, 1955. Therefore, profits after December 31, 1955, belonged to Ashokbhai individually and were not taxable income of the HUF. The court emphasized that income becomes taxable when the taxpayer's right to the income accrues or arises. The appeal was dismissed in favor of Ashokbhai. en-us Tue, 20 Oct 1964 00:00:00 +0530 Thu, 21 Aug 2014 19:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49332 The High Court held that profits accrued to Ashokbhai individually after the partition deed, not to the Hindu undivided family (HUF). The court determined that Ashokbhai became the full owner of the share in the partnership firm only from November 12, 1955. Therefore, profits after December 31, 1955, belonged to Ashokbhai individually and were not taxable income of the HUF. The court emphasized that income becomes taxable when the taxpayer's right to the income accrues or arises. The appeal was dismissed in favor of Ashokbhai. Case-Laws Income Tax Tue, 20 Oct 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49332