https://www.taxtmi.com/caselaws?id=67442 Partners may, by mutual contract, exclude firm property from partnership assets and recharacterise it as co-owned property without compulsory registration, where no fresh transfer to strangers is created. On the stated facts, the dissolution deed recorded an intention to remove the godowns from the firm, distribute rights and liabilities among the partners in their profit-sharing ratios, and continue letting the properties only as agents of the individual co-owners. The rental income was therefore not assessable as the firm's income, but as income in the hands of the partners as co-owners. en-us Sat, 28 Jul 1984 00:00:00 +0530 Thu, 10 Mar 2011 16:21:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67442 Partners may, by mutual contract, exclude firm property from partnership assets and recharacterise it as co-owned property without compulsory registration, where no fresh transfer to strangers is created. On the stated facts, the dissolution deed recorded an intention to remove the godowns from the firm, distribute rights and liabilities among the partners in their profit-sharing ratios, and continue letting the properties only as agents of the individual co-owners. The rental income was therefore not assessable as the firm's income, but as income in the hands of the partners as co-owners. Case-Laws Income Tax Sat, 28 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67442