TaxTMI 
TaxTMI 
1993 (7) TMI 48
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....ent reference under section 256(1) of the Income-tax Act, 1961, raises the following question for our consideration: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the income from the partnership share in the firm of Messrs. Hemant Brothers was includible in the total income of the assessee in his individual capacity and not in the tot....
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....ermit only one conclusion, viz., that Hemantkumar Chimanlal who had a share of 0.38 paise in a rupee in the firm of Messrs. Hemant Brothers in his individual capacity, closed the same and introduced in his place as partner of the firm, himself in the capacity of karta of the Hindu undivided family. This was done by withdrawing the amount of Rs. 43,645 standing to his credit (by a debit entry passe....
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.... doubt whatsoever that had these transactions been in cash and had the said entries reflected such cash transactions, the said concepts would not have entered into the picture at all. It may also be noted here that the amount of Rs. 43,645 withdrawn by Hemantkumar Chimanlal (as an individual) from the firm by the debit entry represented his capital, share in the firm, interest due and other sun....
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....1, 1970, in their correct perspective, and had acted upon the said havala entries, as the karta of the Hindu undivided family had become a partner in the firm of Messrs. Hemant Brothers with effect from October 31, 1970. In other words, the agreement dated April 1, 1971, and the action of the Hindu undivided family in bringing in further assets to the firm by way of additional capital only add fur....