https://www.taxtmi.com/caselaws?id=180139 Co-sharers who, by mutual volition, combined to continue a business with unity of control and a common profit-making purpose were treated as an association of persons for income-tax purposes. Mere joint receipt of income or co-ownership with defined shares was held insufficient; the decisive factor was their agreement to carry on the business as an undivided commercial asset through receivers on their behalf. On those facts, assessment of the business profits in the hands of the receivers under section 41(1) was valid, and the reference was answered against the assessee. en-us Tue, 14 May 1957 00:00:00 +0530 Thu, 17 Mar 2016 16:42:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180139 Co-sharers who, by mutual volition, combined to continue a business with unity of control and a common profit-making purpose were treated as an association of persons for income-tax purposes. Mere joint receipt of income or co-ownership with defined shares was held insufficient; the decisive factor was their agreement to carry on the business as an undivided commercial asset through receivers on their behalf. On those facts, assessment of the business profits in the hands of the receivers under section 41(1) was valid, and the reference was answered against the assessee. Case-Laws Income Tax Tue, 14 May 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180139