https://www.taxtmi.com/caselaws?id=176940 A firm may be assessed as a separate taxable entity even if some partners were earlier assessed on their shares, so prior partner assessments do not by themselves bar proceedings against the firm. However, profits are taxable only when an enforceable right to receive them has accrued; a disputed or contingent claim does not amount to accrued income. On that basis, the disputed profits were held not assessable in assessment year 1947-48, because the firm's entitlement emerged only through later litigation and consent terms. en-us Sat, 16 Jun 1962 00:00:00 +0530 Thu, 31 Dec 2015 12:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176940 A firm may be assessed as a separate taxable entity even if some partners were earlier assessed on their shares, so prior partner assessments do not by themselves bar proceedings against the firm. However, profits are taxable only when an enforceable right to receive them has accrued; a disputed or contingent claim does not amount to accrued income. On that basis, the disputed profits were held not assessable in assessment year 1947-48, because the firm's entitlement emerged only through later litigation and consent terms. Case-Laws Income Tax Sat, 16 Jun 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176940