COMMISSIONER OF INCOME-TAX, M. P. vs BADRILAL BHOLARAM — 1971 PTD 73

Citation: 1971 PTD 73

Court: Madhya Pradesh High Court

Year: 1968

Decision Date: 1968-03-08

Parties: COMMISSIONER OF INCOME-TAX, M. P. vs BADRILAL BHOLARAM

Headnotes

Case cited as 1971 PTD 73

Judgment Text

Court Name: Madhya Pradesh High Court Judge(s): A. P. Sen, P. V. Dixit Title: COMMISSIONER OF INCOME-TAX, M. P. vs BADRILAL BHOLARAM Case No.: Civil Case No. 141 of 1965 Date of Judgment:1968-03-08 Reported As: 1971 PTD 73 Result: firm decided JUDGMENT JUDGMENT DIXIT, C. J.-This consolidated reference under section 66(1) of the Indian Income-tax Act, 1922, by the Income-tax Appellate Tribunal at the instance of the Commissioner of Income-tax arises out of the Tribunal's common order disposing of the assessee's appeals for the assessment years 1956- 57, 1957-58, 1958-59 and 1959-60. The question, which has been referred to this Court for decision is :- "Whether the sum of Rs. 3,440, Rs. 6,806, Rs. 7,468. And Rs. 6,457, each being interest earned by Sureshchandra, the minor son of the assessee, on the amounts standing to his credit in the firm of Messrs Badrilal Bholaram for the years 1955-56, 1957-58, 1958-59 and 1959-60 respectively are liable to be included in the total income of the assessee under section 16(3)(a)(ii) of the Indian Income-tax Act, 1922?" The material facts are that the assessee, Badrilal, his three major sons and a minor son, Sureshchandra, constituted a Hindu undivided family till or about 11th September 1955. The undivided family was carrying on business of forest contracts. On or about 11th September 1955, there was a partial partition of the family as regards the business of forest contracts. In this partition, the business capital of the Hindu…

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