TaxTMI 
TaxTMI 
1991 (4) TMI 48
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....y their declaration made in the income-tax and wealth-tax returns filed for the assessment years 1958-59 to 1970-71 and accepted by the Revenue ?" At the instance of the assessee, the Tribunal has referred another question which reads : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee had become a partner in the partnership firm evidenced by the partnership deed dated December 30, 1956, in their individual capacity and not representing their smaller-HUFs ?" Lala Ganga Prasad Kanodia, Brij Mohan Kanodia and Devi Prasad Kanodia, three brothers, constituted a undivided Hindu family. They were carrying on business in the name and style of Sadiram Ganga Prasad. The business c....
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....n. This was accepted and assessments were made accordingly. During the course of audit, an objection was raised by the audit party to the effect that, according to the partnership deed, the business was being carried on by the brothers as individuals and, therefore, the income received by them should be treated as individual income and not that of the smaller Hindu undivided families represented by each of them. On the basis of this note, the assessment was reopened. In this reference, we are concerned with two assessment years only, namely, the assessment years 1970-71 and 1973-74. Having reopened the assessment, the income was assessed as that of the individual in the hands of the assessee. Though the assessee raised an objection that ....