Trace Your Case

Categories
Succession and Inheritance Uncategorized

Commissioner of Income Tax v. G. Lakshmninarayan AIR 1935 Bom 412

ISSUE:

Whether the income received by right of survivorship by the sole surviving male member of a Hindu undivided family can be taxed in the hands of such male member as his own individual income, or it should be taxed as the income of a Hindu undivided family, for the purposes?

RULE:

With the death of father, the son survived as the sole surviving coparcener. However, because there is no coparcener other than him, it does not follow there is no Hindu Undivided Family. The rights of the female members and other surviving members of the family continue to exist and the possession of family property by sole surviving coparcener is subject to these rights of the other surviving members of the family.

The family is considered to be joint unless and until proved to the contrary. The property was ancestral. But there is a distinction between the HUF and coparcenary. For the purposes of taxation, what is taken into account is the existence of a Hindu Undivided Family and not the existence of coparcenary.

Subscribe to Read More.
Login Join Now
Categories
Memorandum of Association and AoA Uncategorized

World Phone India Pvt. Ltd v. WPI Group Inc USA, (2013) 178 Comp Cas 173

ISSUE:

Whether the provisions of an agreement, that are not inconsistent with the act, but are also not part of the AoA, can be said to be applicable?

RULE:

The legal position is that where the AoA is silent on the existence of an affirmation vote, it will not be possible to hold that a clause in an agreement between the shareholders would be binding without being incorporated in the AOA.

Subscribe to Read More.
Login Join Now