1970 (11) TMI 27

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....The assessment years are 1956-57, 1957-58 and 1958-59. Up to the assessment year 1948-49, the assessee was being assessed as a Hindu undivided family. For the assessment year 1949-50 and subsequent years, the assessee claimed partition in the family. The assessee's case has all along been that there was partition in the family in the year 1948. The family carried on business. Some of the assets of the assessee were in the books of the family. Several items were outside the books. Items in the books of the assessee were divided on June 30, 1948. On July 7, 1948, a partnership firm took over the assets, which had been divided on June 30, 1948. The assets outside the books were also divided on October 30, 1948, and were invested in the part....

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....rs of the family before the three relevant assessment years. That is why question No. 1 has been confined to items besides those three items. In the statement of the case there is a table giving details of the assets, which were divided in the year 1948. There were five items of assets in the books, and seven items outside the books. The total value of the assets in the books came to Rs. 3,29,819, After adjusting a certain liability amounting to Rs. 56,156, the balance was divided among the six members of the family. The share allotted to each member came to Rs. 45,610-7-0. Entries to this effect were made in the books of the family on June 30,1948. The items outside the books were disposed of after a few months. On October 10, 1948, ....