https://www.taxtmi.com/caselaws?id=7272 For income-tax purposes, a partnership firm is treated as a separate assessable unit distinct from its partners, and the statutory scheme contemplates assessment of firms and partners separately. Common partners and identical profit shares do not, by themselves, make two firms one taxable entity as a matter of law. Whether one or two firms exist depends on the facts, including the nature and working of the businesses, rather than on an abstract rule of partnership law. Accordingly, common ownership structure alone does not justify collective assessment of the firms' income. en-us Thu, 28 Mar 1968 00:00:00 +0530 Mon, 16 Feb 2009 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7272 For income-tax purposes, a partnership firm is treated as a separate assessable unit distinct from its partners, and the statutory scheme contemplates assessment of firms and partners separately. Common partners and identical profit shares do not, by themselves, make two firms one taxable entity as a matter of law. Whether one or two firms exist depends on the facts, including the nature and working of the businesses, rather than on an abstract rule of partnership law. Accordingly, common ownership structure alone does not justify collective assessment of the firms' income. Case-Laws Income Tax Thu, 28 Mar 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7272