Law:

Section:

Section 4 of the Income-tax Act, 1961 - Income - Diversion of at source by overriding title or application of income - Tribunal held that declaration dated 3-12-1969 and partition deed dated 1-4-1970, had effect of diversion by an overriding title of share income from firm to hands of individual family members - Whether in view of decision in CIT v. Varinder Kumar [1989] (1989) 180 ITR 180, Tribunal was justified - Held, yes FACTS The Tribunal held that the declaration dated 3-12-1969, and the partition deed dated 1-4-1970, had the effect of diversion by an overriding title of the share income from the firm to the hands of the individual family members. On reference : HELD In view of the decision in Varinder Kumar's case (supra ) the Tribunal was justified. Note : The decision was in favour of assessee. CASE REVIEW CIT v. Varinder Kumar [1989] (1989) 180 ITR 180 (Punj. & Har.) followed and relied upon. CASE REFERRED TO CIT v. Varinder Kumar [1989] (1989) 180 ITR 180 (Punj. & Har.) . Ashok Bhan…

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