https://www.taxtmi.com/caselaws?id=6858 Rental income from immovable properties forming part of a partnership firm's assets was assessable in the hands of the firm because the properties were acquired out of partnership funds and held as firm property for the business. The partners had no specific, ascertainable co-ownership shares in those assets; their interest extended only to the ultimate surplus on dissolution or settlement of accounts. Section 9(3) of the Indian Income-tax Act, 1922, applies to co-owners with definite shares, not to partnership property. The income was therefore assessable under section 9(1) in the firm's hands, not in the partners' hands. en-us Fri, 31 Mar 1967 00:00:00 +0530 Fri, 06 Feb 2009 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6858 Rental income from immovable properties forming part of a partnership firm's assets was assessable in the hands of the firm because the properties were acquired out of partnership funds and held as firm property for the business. The partners had no specific, ascertainable co-ownership shares in those assets; their interest extended only to the ultimate surplus on dissolution or settlement of accounts. Section 9(3) of the Indian Income-tax Act, 1922, applies to co-owners with definite shares, not to partnership property. The income was therefore assessable under section 9(1) in the firm's hands, not in the partners' hands. Case-Laws Income Tax Fri, 31 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6858