1987 (5) TMI 48

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.... Asst. Commissioner following the decision for the earlier assessment year and deleting the addition of Rs. 16,982 from the total income of the assessee-individual. The case of the assessee is that this amount represented the income earned by the Hindu undivided family of which he was the kartha from investment in a firm M/s. Pusalkar Engineers and could not be assessed in his hands as an individu....

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.... case of CIT v. Budhalal Amulakhdas [1981] 129 ITR 97 (Guj.). 2. On a consideration of the rival submissions we are of the opinion that there are no merits in this appeal. It is only in a case of conversion of an individual property into joint family property that the Explanation to sec. 64 raises a fiction that it would amount to a transfer and further that the income derived from the converte....

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....Coming to the facts of the present case of a gift, we find that there is nothing in sec. 64 which requires the income derived from property gifted to a HUF to be added back to the total income of the transferor unlike the case of a transfer to any other person or even an association of persons to the extent to which the income is for the immediate or deferred benefit of the spouse or the minor chi....