regards partition, or rather a legally valid partition, there should be physical partition of the HUF property fully and then only the partition is acceptable ... partition or an arbitration award for partition of the same, there cannot be deemed to be an acceptable partition under Income Tax Act
legally valid partition, there should be physical partition of the HUF property fully and then only the partition is acceptable under IT Act . Referring ... partition or an arbitration award for partition of the same, there cannot be deemed to be an acceptable partition under IT Act . He has contended
partition of the
entire family property i.e., total partition. In the present case, the partition
of the HUF was a total partition ... order of the AO that the partition is
recognised from the date of partition viz., 31.3.2005. The Partition deed is
dated
partition of a HUF after 31.12.1978, therefore,
in case of a partial partition the HUF was to be assessed as if no such partition ... status shall not be deemed to be a partition;
(b) "partial partition" means a partition which is partial as regards the
persons constituting
Gupta, HUF under s. 171 of the IT Act and s. 20 of the WT Act as is evident from order dt. 29th June ... partitioned and the AO correctly accepted the said partition under s. 171 of the IT Act. In view of the above order accepting the partition
claim of the assessee for exemption u/s 10(2) of
the Act for the following reasons given in para ... from the fact that no order u/s
171 of the Act regarding partition of the father's HUF has been passed
Act read with
section 64(2) of the Act, which means section 10(2) of the Act
speaks about only that sum being exempt ... Act held that firstly the amount received on partial partition or on
partition is only exempt and secondly to the extend of share of
assessed
ground that under
section 171(9) of the Act. any partial partition effected after 31-12-1978
cannot be recognised by the ITO. The provisions ... revenue before the High Court was that the
derecognition of partial partition was enacted as a measure to prevent tax
evasion and should, therefore
Revenue while framing assessment under section 143(3) of the Act in
the case of Shri Rajesh Gupta, the father and Shri Vishal Gupta ... family
arrangement cum compromise is equivalent to partition attracting the
provisions of section 49(1) of the Act. He stated that the property
acquired
Champalal S. Shah, Mumbai vs Income Tax Officer 16(2)(3), Mumbai on 22 October
