2009 (12) TMI 31

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....d are being disposed of by a common judgment, as was agreed by the learned counsel for the parties. We were informed that identical question : "Whether on the facts and circumstances of the case, the Tribunal was correct in law in holding that agricultural income in question belongs to assessee firm", is involved in both the appeals. The facts from the I.T.R. No.210 of 1983 are being noticed. The assessment year 1976-77 is involved herein. Its previous year ended on Diwali, 1975. The assessee is a partnership firm consisting of three partners, each having 1/3rd share in the firm's profit and losses. They are brothers, sons of late Sri Tula Ram who expired in the year 1953. Sri Tula Ram had certain agricultural land. After the death of Tu....

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....as inherited by his four sons and after separation of one son, the other three sons of late Tula Ram jointly owned the said property. He submits that the said agricultural land is recorded in individual names of the partners and as such, the Tribunal was not justified in adding the agricultural income in the hands of the assessee for rate purposes etc.. In contra, Sri Shambhu Chopra, learned standing counsel for the revenue, submits that after the death of Tula Ram, his sons inherited the property as tenants in common. Besides the above, in the earlier assessment years, it was the assessee who treated the income from the agricultural land as income of the assessee firm. The profits were credited in the individual accounts of the partners an....