ISSUE:
Considering the circumstances of the case and the existing state of affairs, was the council's determination that the sums of Rs. 185043 and Rs. 482742 did not constitute the resources of the assessee-Hindu united Family correct?
In light of the aforementioned circumstances, is the financing cost of Rs. 23.330 an allowable deduction in the assessment of business earnings for the joint family of the assessee?
RULE:
If a person passes away following the passage of the Hindu Succession Act, 1956, and there is no Hindu Undivided Family in place at the time of the death of such a person, the successors-in-interest of such a person will undoubtedly inherit a ancestral property, but the inheritance will be in the form of a self-acquired property rather than a Hindu Undivided Family property, even though the successor(s) will undoubtedly inherit a ancestral property.