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of <h1>High Court rules common-partner firms as single partnership for tax assessment based on intermingling funds</h1> The High Court of Madras held that two firms with common partners and different profit-sharing ratios should be considered as a single partnership for ... Firm The High Court of Madras ruled that two firms with the same partners and different profit-sharing ratios must be treated as one partnership for assessment purposes. The court found that funds from the cloth business were used to construct a theatre, leading to a conclusion that the firms were not independent. The decision was based on the Supreme Court's guidelines on partnerships. The question was answered against the assessee with costs of Rs. 500.
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