Judgement

RAMASWAMI, J. :-These appeals are brought, by certificate, on behalf of the assessee from the judgment of the Bombay High Court dated July 23, 1964 in Income Tax Reference No 85 of 1963.

2. The appellant (hereinafter called the assessee ) is a Hindu Undivided Family represented by its Karta, Shri V. D. Dhanwatey. The assessment years involved in these appeals are 1954-55 and 1955-56. For the year 1954-55 there was a deed of partnership dated April 1,1951 governing the relationship of the partners. For the year 1955-56 there was another partnership deed dated October 1, 1953. There was, however, no material change in the terms of the two deeds of partnership. The business carried on by the partnership was of lithography and art printing and was carried on through a Press under the name and style of Shivraj Fine Art Litho Works. The capital of the partnership under the partnership deed was Rs. 10,50,000. Clause (4) of the partnership deed enumerated the share capital contributed by the partners as follows:

"1. Baburao alias Vasantrao Dattaji Dhanwatey Two annas

2. Marotirao Dattaji Dhanwatey Three annas

3. Shamrao Dattaji Dhanwatey Two annas

4. Shankarrao Dattaji Dhanwatey Tw