M/S. Ajay Kumar Gupta (HUF), Delhi vs. ACIT, New Delhi
In the result, the appeal is allowed
ITA 5775/DEL/2015[2010-11]Status: DisposedITAT Delhi24 Oct 2018AY 2010-11
Bench: : Shri Bhavnesh Saini & Shri L.P. Sahuassessment Year:
Section 139(1)Section 139(4)Section 139(5)Section 154Section 234BSection 40Section 80C
…income or profits received from the partnership as a joint family asset, but they cannot claim to exercise the rights of partners nor be liable as partners. 27. The authority relied upon by the learned counsel for the appellants in the case reported as (1998) 2 SCC 49 Rashiklal & Co. V. Commissioner of Income Tax is not helpful to him. In this case R, the karta of a HUF, was a partner in a firm which was carrying on, inter alia, the business of mining. The Hon"ble Supreme Court observed that a firm is a compendious way of describing the individuals constituting the firm. An HUF directly or indirectly cannot becom…
