https://www.taxtmi.com/caselaws?id=6644 Co-owners or tenants-in-common with definite and ascertainable shares were not assessable as an association of individuals merely because they managed agricultural lands jointly and divided the net income according to their shares. The Madras High Court held that an association of individuals requires a common purpose, joint action and a joint endeavour to produce income; mere collective ownership or convenient common management is insufficient. Where income arises from property held in fixed shares without a joint venture, the special provision applicable to tenants-in-common governs assessment. The respondents were therefore not liable to assessment as an association of individuals and were assessed under the tenants-in-common provision. en-us Mon, 04 Mar 1963 00:00:00 +0530 Sat, 31 Jan 2009 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6644 Co-owners or tenants-in-common with definite and ascertainable shares were not assessable as an association of individuals merely because they managed agricultural lands jointly and divided the net income according to their shares. The Madras High Court held that an association of individuals requires a common purpose, joint action and a joint endeavour to produce income; mere collective ownership or convenient common management is insufficient. Where income arises from property held in fixed shares without a joint venture, the special provision applicable to tenants-in-common governs assessment. The respondents were therefore not liable to assessment as an association of individuals and were assessed under the tenants-in-common provision. Case-Laws Income Tax Mon, 04 Mar 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6644