Supreme Court · 1964 INSC 222 · Decided 20 October 1964
Commissioner of Income-Tax, Gujarat v. Ashokbhai Chimanbhai
- Court
- Supreme Court of India
- Citation
- 1964 INSC 222 · [1965] 1 S.C.R. 758
- Case number
- CIVIL APPEAL No. 817/1963
- Decided
- 20 October 1964
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 3, 4
Headnote
OF INCOME-TAX, GUJARAT v. ASHOKBHAI CHIMANBHAI October 20, 1964 (K. SUBBA RAO,]. C. SHAH ANDS. M. SiKRI JJ.) Income-lax Act, (11 of 1922), ss. 3 and 4--Trading fim1--Profits of individual p"r/ners-Time of accrual. The assessce \\.'as a ffindu undivided family. Its manager v.-as a December of each year. On November 12, 1955, by a deed of partition, the family and its properly were divided and it v;as declared that the manager became exclusively entitled to the profits in the parlnership from 1st January 1955. Jn pro- ceedings for assessment for 1955-56, the corresponding
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