https://www.taxtmi.com/caselaws?id=182096 Whether record material justified treating the firm as the assessee's business: the department bears the burden to prove that a firm's profits were the assessee's income. The court applied principles distinguishing loans from capital contributions retaining ownership, requiring positive probative facts to infer proprietary interest. Alleged indicia (advances, connected transactions, single active partner, receipts, rejected withdrawal explanation) were examined and found either consistent with loans, irrelevant, or insufficient; findings from proceedings where the assessee was not a party could not be treated as evidence against him. Outcome: no material supported the conclusion that the firm belonged to the assessee. 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 Whether record material justified treating the firm as the assessee's business: the department bears the burden to prove that a firm's profits were the assessee's income. The court applied principles distinguishing loans from capital contributions retaining ownership, requiring positive probative facts to infer proprietary interest. Alleged indicia (advances, connected transactions, single active partner, receipts, rejected withdrawal explanation) were examined and found either consistent with loans, irrelevant, or insufficient; findings from proceedings where the assessee was not a party could not be treated as evidence against him. Outcome: no material supported the conclusion that the firm belonged to the assessee. Case-Laws Income Tax Wed, 24 Aug 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182096