https://www.taxtmi.com/caselaws?id=205945 A liquor licence obtained in a partner's name was treated as a partnership asset because the deed expressly provided that it belonged to the firm. The arrangement was not an impermissible transfer under section 23 of the Indian Contract Act, since the excise framework allowed transfer in the prescribed manner and the facts did not show a forbidden assignment or a personal capital contribution of the licence. On that basis, the licence remained effective in the firm's hands and could not, by itself, defeat the assessee's deduction claim under the Income-tax Act. en-us Tue, 02 Nov 2010 00:00:00 +0530 Thu, 14 Jun 2012 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205945 A liquor licence obtained in a partner's name was treated as a partnership asset because the deed expressly provided that it belonged to the firm. The arrangement was not an impermissible transfer under section 23 of the Indian Contract Act, since the excise framework allowed transfer in the prescribed manner and the facts did not show a forbidden assignment or a personal capital contribution of the licence. On that basis, the licence remained effective in the firm's hands and could not, by itself, defeat the assessee's deduction claim under the Income-tax Act. Case-Laws Income Tax Tue, 02 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205945