https://www.taxtmi.com/caselaws?id=65686 The tribunal allowed the appeal, directing the deletion of income from certain properties in the assessment of the assessee firm. It was concluded that the partners effectively took out the properties from the firm, and thus, the income from those properties could not be assessed as part of the total income of the firm. The tribunal instructed the Income Tax Officer to recompute the firm's income accordingly and authorized the ITO to amend the assessment of the partners as a consequence of the decision. en-us Fri, 03 Dec 1976 00:00:00 +0530 Fri, 18 Feb 2011 13:11:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65686 The tribunal allowed the appeal, directing the deletion of income from certain properties in the assessment of the assessee firm. It was concluded that the partners effectively took out the properties from the firm, and thus, the income from those properties could not be assessed as part of the total income of the firm. The tribunal instructed the Income Tax Officer to recompute the firm's income accordingly and authorized the ITO to amend the assessment of the partners as a consequence of the decision. Case-Laws Income Tax Fri, 03 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65686