Law:

Section:

Section 256, read with section 4 of the Income-tax Act, 1961 - Reference - Question of fact - Assessee, an individual, formed a partnership firm on 1-7-1965 with his wife and certain others - For assessment year 1967-68 he filed a return showing income from salary and his own share of profits and those of his wife from said firm - Subsequently, on 16-10-1967 assessee declared through an affidavit that he was Karta of HUF consisting of himself, his wife and his sons, and alleged to have thrown certain profits from said firm in common hotchpot of HUF - Again assessee filed returns for assessment years 1968-69 to 1970-71 showing income from salary only and ITO completed assessments accordingly - Subsequently ITO took view that profits could not legally be thrown in hotchpot so as to convert them into property of HUF - Consequently, he rectified all three assessments - Tribunal held that in original assessment orders there was no mistake apparent from records which required rectification - Whether any question of law arose from order of Tribunal - Held, no Section 154 of the Income-tax Act, 1961 - Rectification of mistake - Apparent from record - Whether in view of facts stated under the head 'reference - Question of fact' there was any mistake in original assessment orders which required rectification - Held, no FACTS The assessee, an individual, formed a partnership firm on 1-7-1965 with his wife and certain others. For the assessment year 1967-68 he filed his return showing income from salary and his own share of profits and those of his wife from the said firm and the assessment was completed accordingly. On 16-10-1967, the assessee declared, through an affidavit, that he was the karta of the HUF consisting of himself, his wife and his two sons and alleged to have thrown certain profits from the said firm in the common hotchpot of the HUF. He then filed the returns for the assessment years 1968-69 to 1970-71 without showing any income from the firm and assessment for all the said years was completed accordingly. Subsequently, the ITO took the view that the profits from the said firm could not legally be thrown in the hotchpot so as to convert them into the…

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