Judgement

RAMASWAMI, J. :- This appeal is brought by certificate on behalf of the assessee from judgment of the Bombay High Court dated July 23, 1963, in Income Tax Reference No. 5 of 1962.

2. The appellant (hereinafter called the assessee) is a Hindu undivided family of which Shri M. D. Dhanwatey is the Karta. The assessment year involved in this appeal is 1954-55, the corresponding accounting year being the year ended September 30, 1953. Shri M. D. Dhanwatey was a partner in the partnership firm carrying on business under the name and style of M/s. Shivraj Fine Art Litho Works. The share capital of Shri M. D. Dhanwatey was entirely contributed by the assessee Hindu undivided family. The rights of the partners were governed at the relevant time by a partnership agreement dated April l, 1951. According to the agreement, the partnership was of lithography and art printing and was carried on by means of a press under the name and style of Shivraj Fine Art Litho Works . Clause (4) of the partnership deed enumerated various capital contributions of the partners. The share contribution of Shri M. D. Dhanwatey was shown as Rupees 1,96, 875. It is admitted that this amount belonged to the