747/CBDT.

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....by abandoning all his individual rights over the half share in the firm in favour of a joint family of which he was a 'karta'. On the basis of a declaration to this effect duly reduced in writing and placed before the I.T. Officer, the assessee claimed and had 50 per cent of the share of profits accruing to him in the firm taxed in the hands of the HUF of which he was a 'karta". 2. The Board be....

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....essee would be liable for the debts incurred by the firm, his debt not being confined to the extent of his share because as laid down in section 25 of the Indian Partnership Act, every partner is liable jointly and severally for all acts binding on the firm, thus including liability arising from contracts as well as torts. Hence, it would be incorrect to assume that the share of an assessee in the....