i want to know that what is the intention of law behind treating the HUF as seprate assessee.
4 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 02 July 2011
Ayushraj
(Professional)
(125 Points)
Replied 02 July 2011
Because the Income Tax Act 1960 says so.........
Paras
(Mcom,CA Final)
(122 Points)
Replied 02 July 2011
DURING THE EARLY 60'S .....FAMILY BUSINESS WERE SEVERALLY OWNED BY MANY MEMBERS OF FAMILY .... CBDT WAS UNABLE TO BROUGHT THEM UNDER ANY OTHER ASSESSEE CATEGORY DUE TO THE DEFINITION OF "PERSON"IN I -T ACT 1961....SO THEY AMENDED AND CHARGED THEM AS A SINGLE ASSESSEE KNOWN AS "HUF".....AND THEREFORE HUF WERE UNABLE TO AVOID TAX .
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