1980 (4) TMI 80

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....idual deriving income from money-lending business, property, etc,. The assessment years in question are 1971-72 and 1972-73 and the corresponding accounting years ended on November 9, 1969, and November 9, 1970. The assessee had debited his capital account with a sum of Rs. 50,000 on November 9, 1969, that is the last date of the accounting year relevant to the assessment year 1970-71. When questi....

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.... to prove that the conduct of the was sufficient to impress such property with the character of joint family property and that the entries in the books of account of the were sufficient. In that view, he held that the assessee was not liable to be taxed on the income arising out of the money so transferred. This view was confirmed by the Tribunal. At the instance of the revenue, the following ques....

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....parcener into joint family property are: (1) the existence of a coparcenary ; and (2) the deliberate intention formed by the coparcener owning separate property to treat the same as joint family property ". The assessee who owned separate property in a coparcenary with an interest in coparcenary property is not in dispute. The property does not cease to be the separate property and become the join....