747/CBDT.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e 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 being advised that such a claim made by the assessee was not i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s 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 said firm consist only of income yielding assets. It equall....