https://www.taxtmi.com/caselaws?id=177072 The court ruled that the deposits of Rs. 10,000 and Rs. 15,000 in a firm's account, arranged by a partner in the names of his wife and father-in-law, were not taxable income of the firm for the assessment year. The court found that the partner had provided the money, establishing his ownership of the funds, which did not belong to the firm. Therefore, the deposits were not considered as profits of the firm, and the court rejected the claim that the deposits were taxable income. The court also awarded costs of Rs. 200 to the assessee. en-us Mon, 18 Mar 1957 00:00:00 +0530 Sat, 02 Jan 2016 11:23:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177072 The court ruled that the deposits of Rs. 10,000 and Rs. 15,000 in a firm's account, arranged by a partner in the names of his wife and father-in-law, were not taxable income of the firm for the assessment year. The court found that the partner had provided the money, establishing his ownership of the funds, which did not belong to the firm. Therefore, the deposits were not considered as profits of the firm, and the court rejected the claim that the deposits were taxable income. The court also awarded costs of Rs. 200 to the assessee. Case-Laws Income Tax Mon, 18 Mar 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177072