TaxTMI 
TaxTMI 
1984 (11) TMI 56
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....ese 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 of the Commissioner of Income-tax (Appeals....
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....he 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 Revenue against the order of the Commission....
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....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 following years. Sri Gulati, learned counsel ....