https://www.taxtmi.com/caselaws?id=65982 Separate contributions to the purchase price, defined fractional ownership, and pro rata receipt of sale proceeds showed that the co-purchasers did not act as a common adventure or combine as a unit to earn income. On those facts, no association of persons arose for assessment of the surplus on sale of the land, and the attempted assessment on the alleged association was not sustainable; the prior assessment of one member on the same disclosed facts also barred a fresh assessment on the association. en-us Sat, 30 Jun 1984 00:00:00 +0530 Sat, 19 Feb 2011 16:31:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65982 Separate contributions to the purchase price, defined fractional ownership, and pro rata receipt of sale proceeds showed that the co-purchasers did not act as a common adventure or combine as a unit to earn income. On those facts, no association of persons arose for assessment of the surplus on sale of the land, and the attempted assessment on the alleged association was not sustainable; the prior assessment of one member on the same disclosed facts also barred a fresh assessment on the association. Case-Laws Income Tax Sat, 30 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65982