- (1.) THE Tribunal, Delhi, has referred the following question of law under s. 256(1) of the IT Act, 1961 ('the Act') for opinion to this Court : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct to uphold the order of the learned Dy. CIT(A) directing to exclude the share income from M/s Jyoti Finance Corporation from the income of assessee -
(2.) BRIEFLY stated the facts giving rise to the present reference are as follows : The reference relates to the asst. yrs. 1975 -76 to 1977 -78, 1979 -80, 1980 -81 and 1981 -82. The respondent -assessee is was partial partition in the family. The asset partitioned was interest in the partnership firm of M/s Jyoti Finance Corporation which was divided between two firms known as Harbans Lal Kamal Kumar and Pradeep Kumar Motia Rani. The claim of partial partition was not accepted by the assessing authority. However, in appeal the same was accepted by the first appellate authority which order has been upheld by the Tribunal.
(3.) WE have heard Shri A.N. Mahajan, the learned standing counsel for the Revenue. Nobody has appeared on behalf of the respondent -assessee. We find that this Court in the case of CIT vs. Shrawan Kumar Swarup and Sons (1998) 147 CTR (All) 305 : (1998) 232 ITR 123 (All), in similar circumstances has upheld the claim of partial partition between the various groups.;