Judgement

T. L. YENKATARAMA AIYAR, J. : The appellant was a Hindu undivided family carrying on business as piece goods merchants in the city of Calcutta. The present proceedings relate to the assessment of its income for the year 1946-47, the previous year thereto being June 12, 1944 to April 24, 1945. In the course of the assessment, the appellant filed a petition under S. 25A of the Income-tax Act, 1922, claiming that there had been a partition in the family on April 24, 1945. On May 27, 1945 the Income-tax Officer enquired into both these matters, the factum of partition and the quantum of income chargeable to tax, and pronounced orders thereon on June 30, 1945. On the petition under S. 25A, he held that the partition was true, and that the family had become divided into five groups. As regards the income assessable under S. 23, the dispute related to six sums aggregating to Rs. 2,30,346 shown in the accounts as the sale proceeds of ornaments. The case of the appellant with reference to these sums was that at the partition the jewels of the family were sold in six lots, that the price realised therefrom was invested in the business, and that the credits in question related theret