https://www.taxtmi.com/caselaws?id=182096 Profits of a business cannot be attributed to an assessee merely because of close association, financing by way of loan, family relationship, or non-participation of some partners in management. The department must produce material showing that the assessee retained an ownership interest or effective control over the business. Findings recorded in separate assessment proceedings against the firm are not, by themselves, evidence against the assessee. On the facts discussed, the circumstances relied upon were held insufficient to prove that the business carried on in the name of Harish Chandra Satish Chandra belonged to the assessee, and the attribution of the firm's income was rejected. en-us Wed, 24 Aug 1955 00:00:00 +0530 Mon, 02 May 2016 17:12:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182096 Profits of a business cannot be attributed to an assessee merely because of close association, financing by way of loan, family relationship, or non-participation of some partners in management. The department must produce material showing that the assessee retained an ownership interest or effective control over the business. Findings recorded in separate assessment proceedings against the firm are not, by themselves, evidence against the assessee. On the facts discussed, the circumstances relied upon were held insufficient to prove that the business carried on in the name of Harish Chandra Satish Chandra belonged to the assessee, and the attribution of the firm's income was rejected. Case-Laws Income Tax Wed, 24 Aug 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182096