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Effect Of Death Of Karta In Case Of Partnership Firm

We have seen that it is the Karta of HUF who represents as a Partner in the Partnership firm and it is not the HUF itself. In case ,the Karta dies a question arises whether the other members of family when they are admitted to the Partnership join in the capacity of representative of the family or join the partnership individually. The Apex Court in the case of Y.L. Agarzvalla vs CIT. (1978) 3 SCC 426, : laid down the following tests in such cases:

 

(1 ) whether the income received was directly related to any utilization of family assets;


(2) whetiier the family had suffered any detriment in the process of the family funds; and


(3) whether the income was received with the aid and assistance of the family funds


And held that the affirmative answer to the above questions would lead to the income being that of HUF.
 
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