https://www.taxtmi.com/caselaws?id=60544 The Tribunal allowed the appeal, reversing the order of the CIT under s. 263 of the IT Act, 1961 for the assessment year 1970-71. It determined that the share of profit from the firm could be assessed in the hands of the Hindu Undivided Family (HUF) rather than the individual, as the individual had entered into the partnership as karta of the HUF. The Tribunal found no legal flaw in this arrangement and restored the decision of the ITO, directing assessment in the capacity of the HUF. en-us Wed, 08 Mar 1978 00:00:00 +0530 Wed, 05 Jan 2011 18:18:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60544 The Tribunal allowed the appeal, reversing the order of the CIT under s. 263 of the IT Act, 1961 for the assessment year 1970-71. It determined that the share of profit from the firm could be assessed in the hands of the Hindu Undivided Family (HUF) rather than the individual, as the individual had entered into the partnership as karta of the HUF. The Tribunal found no legal flaw in this arrangement and restored the decision of the ITO, directing assessment in the capacity of the HUF. Case-Laws Income Tax Wed, 08 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60544