Tuesday, November 22, 2011

Compilations of case law: STATUS OF ASSESSEE ; HUF

HUF
General

Wife of Karta has taxable income – HUF to be assessed as specified as HUF.
Kushal Chand Sharma Vs CWT (Raj) 216 ITR 56
Prakash Chand Surana Vs CWT (Raj) 228 ITR 604

Specified HUF – Income of a member including income of spouse and minor child to be considered.
CIT Vs P.A. Venkatraman (Mad) 246 ITR 773

An HUF cannot exist with one member alone.
Krishna Prasad Vs CIT (SC) 97 ITR 493

Though a Hindu widow cannot be a coparcenor, she has coparcenary interest and she is also a member of the coparcenory by virtue of the rights conferred on her under Hindu Women's Right to Property Act, 1937.
Controller of Estate Duty Vs Alladi Kuppuswamy (SC) 108 ITR 439

Difference between value of corpus and aggregate shares of beneficiaries is assessable under Wealth Tax Act – Sec. 21(1A) – Trust
H.E.H. The Nizam's Jewellery Trust Vs ACWT & Ors. (AP) 227 ITR 52

Wife of Karta cannot relinquish her status as member of HUF by a unilateral declaration while retaining her marital tie.
CWT Vs M.A.R. Rajkumar (AP) 226 ITR 804

Jat Sikh is a Hindu – Ancestral property is HUF property.
Controller of estate duty Vs Homojit Singh (P&H) 223 ITR 139

The Kerala Joint Hindu Family System (Abolition) Act, 1975 has no application to assessee who is domicile in Tamil Nadu having properties in Kerala.
Dayalan Rajes Vs State of Kerala & Anr. (Ker) 231 ITR 707

Amount received by individual under accident insurance policy covering risk to life of his father – includible in his hands as Individual and not in HUF.
L. Bansi Dhar & Sons Vs CIT (Del) 157 CTR 340.

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