https://www.taxtmi.com/caselaws?id=49592 A karta's remuneration as managing director was treated as income of the Hindu undivided family where the office was obtained through a family venture financed with joint family funds. The Court noted that the company was promoted, acquired and financed from family assets, the qualifying shares were bought with those funds, the dividends were enjoyed by the family, and the remuneration had been treated in the family accounts as family income. The personal element in holding the office did not alter the legal character of the receipt, because the appointment and its benefits were inseparably linked to the family's resources and enterprise. The remuneration was therefore assessable in the hands of the HUF, not as the karta's personal income. en-us Fri, 15 May 1959 00:00:00 +0530 Thu, 04 Sep 2014 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49592 A karta's remuneration as managing director was treated as income of the Hindu undivided family where the office was obtained through a family venture financed with joint family funds. The Court noted that the company was promoted, acquired and financed from family assets, the qualifying shares were bought with those funds, the dividends were enjoyed by the family, and the remuneration had been treated in the family accounts as family income. The personal element in holding the office did not alter the legal character of the receipt, because the appointment and its benefits were inseparably linked to the family's resources and enterprise. The remuneration was therefore assessable in the hands of the HUF, not as the karta's personal income. Case-Laws Income Tax Fri, 15 May 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49592