TIRLOCHAN SINGH Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) A notice under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as the "Act") was issued to the appellant on 14 -3 -2002, the same came to be served on the appellant on 21 -3 -2002. The claim of the Assessing Officer was that the appellant was assessable as a Hindu undivided family. On the contrary, the claim of the appellant -assessee was that a partial partition had taken place on 30 -4 -1978 whereby immovable as well as movable assets of the Hindu undivided family were divided by metes and bounds between the coparceners, and as such, there was no question of assessing the appellant as a Hindu undivided family.

(2.) AFTER 30 -4 -1978, i.e. after the partial partition had taken place amongst the members of the Hindu undivided family, the property in question was sold, and the proceeds thereof were invested as Fixed Deposit Receipts in the name of the appellant -assessee i.e., in the capacity of the appellant as a Hindu undivided family. The Fixed Deposit Receipts eventually matured on 8 -9 -1996, whereafter, monetary shares were allegedly apportioned amongst the members of the appellant -assessee i.e. the members of the Hindu undivided family. The facts narrated herein are undisputed and are in fact acknowledged by the learned Counsel for the rival parties.

(3.) IN response to a query posed by the Court, learned Counsel for the appellant states that the property in the hands of the Hindu undivided family, besides the property which was subjected to partial partition, is not subject -matter of consideration in this appeal. The veracity of the instant answer at the hands of the learned Counsel for the appellant -assessee is not subject -matter of contest at the hands of the learned Counsel for the respondents.