https://www.taxtmi.com/caselaws?id=60180 Property or business inherited from a father is assessable in the heir's individual capacity unless it is shown to be ancestral or otherwise impressed with Hindu Undivided Family character. The Tribunal found no evidence that the money-lending business was ancestral in the father's hands, and held that mere continuation of the business by family members after his death did not convert the assets into HUF property under the Hindu Succession Act. Earlier acceptance of HUF status, made without proper enquiry, was not enough to establish the claim for the relevant years. Assessment in the individual status was upheld. en-us Tue, 27 Jan 1981 00:00:00 +0530 Tue, 04 Jan 2011 11:34:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60180 Property or business inherited from a father is assessable in the heir's individual capacity unless it is shown to be ancestral or otherwise impressed with Hindu Undivided Family character. The Tribunal found no evidence that the money-lending business was ancestral in the father's hands, and held that mere continuation of the business by family members after his death did not convert the assets into HUF property under the Hindu Succession Act. Earlier acceptance of HUF status, made without proper enquiry, was not enough to establish the claim for the relevant years. Assessment in the individual status was upheld. Case-Laws Income Tax Tue, 27 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60180