TaxTMI 
TaxTMI 
TaxTMI 
1975 (11) TMI 57
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....business. The assessee is the HUF of Mulkha Singh Mangat Singh. It is constituted of two brothers and their families. The source of income has been from house property and money lending business. 2. The capital account of the family in the money lending business on1st April, 1970, the first day of the accounting year relevant to the present asst. yr. 1971-72 showed a credit balance of Rs. 97,218.....
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....en to the lot of each of the smaller HUF's. The two members were also not aware as to what amount lying with doubts had come to their share. According to him, the partial partition was just on paper, and the divided amounts had not been delivered to the two members. 5. In appeal, the AAC sustained this decision. According to him, this was a case of part partition to the whole business as the enti....
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....iness have been allotted. A partition of the business, it was further held can, therefore, be brought about by mere specification of share in the accounts and making entries therein to show that the business is held in severally and in specified shares; is not necessary that there should be physical division of the business. Two decisions of Allahabad High Court are also referred to viz : 84 ITR 1....