1977 (11) TMI 3

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....that has been referred to us for our opinion in regard to the assessments for the years 1968-69 and 1969-70 of the HUF reads as follows: " Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in holding that the interest paid by the assessee on the moneys set apart by him on the partial partition of the family for the maintenance of his wife and maintenance and ....

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....rom that, she demanded, it is clear from the statements in the partition deed, that provision be made for the education and marriage expenses for her five minor daughters. These demands were also conceded and in accordance with these demands, allotments of amounts, as we read the terms of the partition deed, were made, allotting a sum of Rs. 15,000 to the wife and a sum of Rs. 7,500 to each of the....

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.... share equal to that of a son and is entitled even to hold that and enjoy the sums separately from the husband. The daughters too, who have to be maintained by the family, the karta or the brothers, we conceive, can be allotted shares at the time of the partition for their marriage expenses and for their educational expenses as has been shown in the partition deed. It is unnecessary to pursue this....

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....e and the minor daughters. They have been, admittedly, used in the business carried on by the karta of the family. It is his case that he paid interest for these amounts by crediting the same into the separate accounts of the wife and minor daughters. Those accounts also indicated that the credits have been given for the amounts mentioned in the partition deed in the capital account. In these circ....