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1984 (11) TMI 56
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....tical question, the Revenue has made these applications under section 256(2) of the Income-tax Act, 1961 (for short "the Act of 1961 "), relating to the consecutive assessment years 1975-76 to 1977-78 : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in excluding the share income from M/s. Jyoti Finance Corporation, Shamli, in view of the decision o....
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...., the Hindu undivided family ceased to be the partner and the members of the Hindu undivided family who acquired the share in the firm on partition, became partners in the firm. The order passed under section 171 of the Act of 1961 was appealed against by the assessee-Hindu undivided family and its contention was accepted by the Commissioner of Income-tax (Appeals). No appeal was preferred by the ....
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....f the firm ? These are purely questions of fact. There is no case of the Revenue that the terms of the partial partition are otherwise and from the date of partition, the Hindu undivided family itself represented by its karta, continued to be the partner in the firm. Then, Sri Markandeya Katju, learned standing counsel, argues that the validity of the partial partition can be questioned in the ....