LAWS(APH)-1992-9-40

CHALASANI ANJANEYULU HUF Vs. COMMISSIONER OF INCOME TAX

Decided On September 28, 1992
CHALASANI ANJANEYULU (HUF) Appellant
V/S
COMMISSIONER OF INCOME-TAX Respondents

JUDGEMENT

(1.) IN Referred Case No. 78 of 1986, which arises under the INcome-tax Act, the following question of law is referred to this court for opinion :

(2.) IN Referred Case No. 45 of 1987, which arises under the Wealth-tax Act, the following question of law is referred to this court for opinion :

(3.) LEARNED senior counsel, Sri A. Venkataramana, appearing for the assessee, contends that on April 14, 1961, a settlement was arrived at, by which, the property was again brought to the common hotchpot of the family and, therefore, it became joint family property and, as such, the assessee alone could not have been assessed to tax either in respect of the income from the property or in respect of its capital value. He alternatively contends that the property should be deemed to have been held jointly by the father and his four sons and, therefore, only one-fifth of the income and capital value could have been assessed in respect of the assessee.