https://www.taxtmi.com/caselaws?id=56358 The Tribunal held that the receipts from the Leproscopic instrument should be treated as income of the HUF, as the instrument was purchased using HUF funds and loans, which were repaid from HUF funds. The Tribunal distinguished the case from the Revenue's arguments, supporting the HUF's claim based on legal precedents. The matter of expenditure related to the instrument was remitted back for detailed examination to determine its attribution to income generation or personal use by the HUF's Karta. The appeal for the first assessment year was partly allowed, while the appeal for the second assessment year was dismissed. en-us Fri, 14 Oct 1988 00:00:00 +0530 Fri, 03 Dec 2010 12:30:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56358 The Tribunal held that the receipts from the Leproscopic instrument should be treated as income of the HUF, as the instrument was purchased using HUF funds and loans, which were repaid from HUF funds. The Tribunal distinguished the case from the Revenue's arguments, supporting the HUF's claim based on legal precedents. The matter of expenditure related to the instrument was remitted back for detailed examination to determine its attribution to income generation or personal use by the HUF's Karta. The appeal for the first assessment year was partly allowed, while the appeal for the second assessment year was dismissed. Case-Laws Income Tax Fri, 14 Oct 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56358