COMMISSIONER OF INCOME TAX Vs. KHIMJI MENSHI

JUDGEMENT

(1.) THE present Application No. 144 of 1990, relates to the asst. year 1981 82. It is under S. 256(2) of the IT Act, 1961. IT Ref. No. 62 of 1987 relates to the asst. yrs. 1972 73, 1973 74, 1975 76 to 1977 78 and 1979 80. IT Ref. No. 733 of 1987 relates to the asst. year 1978 79. The relevant facts are as follows :

(2.) THE assessee who is an individual was originally a partner in the firms styled as Variety Plywood and Quality Plywood, Bombay, in his individual capacity On August 20, 1970, out of his separate and self acquired funds, he impressed a sum of Rs. 30,000 with the character of his HUF property. He retired from the two partnership firms w.e.f. October 1, 1970. On the same day, he entered into these partnerships again in his capacity as the Karta of his HUF. He contributed a sum of Rs. 15,000 in each of these partnerships out of the aforesaid sum of Rs. 30,000, as his share, on behalf of the HUF, in the capital of the two firms.

(3.) THE same question has been referred to us under S. 256(1) of the IT Act for the asst. year 1978 79 in IT Ref. No. 733 of 1987. For the asst. year 1980 81, the Tribunal has declined to refer any question. Hence, IT Application No. 144 of 1990 is filed under S. 256(2) of the IT Act which is being heard along with these references.