1977 (9) TMI 65

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....ited by her in her bank account in Bank of India, Junnar which was withdrawn later on and invested by her in the firm of Tarachand Maganlal towards her share of capital in the firm where she was given a share of 20 per cent. The ITO applied the provisions of s. 64 and included her profit of Rs. 8,663 from the said firm in the total income of the assessee. He held that the transfer of Rs. 10,000 ha....

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....ta High Court (92 ITR 130 Supra) squarely covers the instant case. In that case also Smt. Kaushalya Debi became a partner in the firm of Kunjilal Hariram & Co. by investing the amount which she received by way of gift from he husband. In that case also preamble states that the Jagdish Prasad Gupta the first partner who had little finance requested the other partners to enter into partnership by co....