https://www.taxtmi.com/caselaws?id=66693 Two partnership concerns were treated as separate taxable units because the partnership deeds showed distinct formation, different business objects, separate places of business and materially different terms. Common partners and the same profit-sharing ratio were not enough to establish identity of firms, and the alleged interlacing of funds was not proved. On that basis, the loss of M/s. Hymavathi Enterprises could not be set off against the income of M/s. Arun Chemical and Pharmaceutical Works. The operative principle is that unity of firms depends on the partners' intention gathered from the deeds and surrounding circumstances, including any real financial interconnection; separate deeds ordinarily support separate assessment unless unity is clearly established. en-us Wed, 18 Jun 2003 00:00:00 +0530 Sat, 05 Mar 2011 17:13:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66693 Two partnership concerns were treated as separate taxable units because the partnership deeds showed distinct formation, different business objects, separate places of business and materially different terms. Common partners and the same profit-sharing ratio were not enough to establish identity of firms, and the alleged interlacing of funds was not proved. On that basis, the loss of M/s. Hymavathi Enterprises could not be set off against the income of M/s. Arun Chemical and Pharmaceutical Works. The operative principle is that unity of firms depends on the partners' intention gathered from the deeds and surrounding circumstances, including any real financial interconnection; separate deeds ordinarily support separate assessment unless unity is clearly established. Case-Laws Income Tax Wed, 18 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66693