https://www.taxtmi.com/caselaws?id=183750 An association of persons exists only where the income is earned by the persons through associated activity or a common venture; mere joint ownership, joint possession or receipt of income is insufficient. On that principle, widows who inherited their husband's estate could not be taxed as an association of persons on dividend and interest income, because the income was not generated by any joint act of theirs. Where immovable property is owned by more than one person with definite and ascertainable shares, the statutory exclusion applies and each person's share must be assessed in that individual's hands, not as income of an association of persons. en-us Wed, 07 Mar 1956 00:00:00 +0530 Mon, 20 Jun 2016 17:04:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183750 An association of persons exists only where the income is earned by the persons through associated activity or a common venture; mere joint ownership, joint possession or receipt of income is insufficient. On that principle, widows who inherited their husband's estate could not be taxed as an association of persons on dividend and interest income, because the income was not generated by any joint act of theirs. Where immovable property is owned by more than one person with definite and ascertainable shares, the statutory exclusion applies and each person's share must be assessed in that individual's hands, not as income of an association of persons. Case-Laws Income Tax Wed, 07 Mar 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183750