It
is time now to see how the last year’s top 10 ‘Indian Artists
of the 20th Century’ have fared this year. When we look at the
prices their works were sold at in recent art auctions in New
York City and New Delhi, our contention that tastes do not change
in art as in fashion stands confirmed.
It
has been recognised by the courts of law in unambiguous terms
that the Karta of an HUF and an individual income tax payer,
even if they are the same person, are two separate legal entities.
Therefore, their assets and liabilities cannot be clubbed together
for income tax assessment and arrears recovery purposes.
