HEMANTKUMAR CHIMANLAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE present reference under S. 256(1) of the IT Act raises the following questions for our consideration :

(2.) THE relevant and pertinent facts which are required to be considered and on which there is no controversy are as under :

(3.) IT may also be noted here that the amount of Rs. 43,645 withdrawn by Hemantkumar Chimanlal (as an individual) from the firm by the debit entry represented his capital share in the firm, interest due and other sundry amounts. On the other hand, the identical amount credited in the books of account in the name of the HUF represented only the capital brought in by the HUF.