https://www.taxtmi.com/caselaws?id=66619 The tribunal ruled in favor of the assessee, granting registration to the firm for the assessment year 1978-79. It held that the income from letting out godowns should be assessed as profit from business, not under "Income from house property." The tribunal found the firm genuine based on the partnership deed and collective business activities, rejecting the tax authority's argument of individual actions undermining the firm's existence. The decision emphasized the exploitation of the godown asset as a business activity, meeting the criteria for partnership formation. en-us Sun, 07 Feb 1982 00:00:00 +0530 Sat, 05 Mar 2011 12:00:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66619 The tribunal ruled in favor of the assessee, granting registration to the firm for the assessment year 1978-79. It held that the income from letting out godowns should be assessed as profit from business, not under "Income from house property." The tribunal found the firm genuine based on the partnership deed and collective business activities, rejecting the tax authority's argument of individual actions undermining the firm's existence. The decision emphasized the exploitation of the godown asset as a business activity, meeting the criteria for partnership formation. Case-Laws Income Tax Sun, 07 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66619