https://www.taxtmi.com/caselaws?id=7476 Immovable property acquired with firm funds remained partnership property because mere book entries transferring the debit balance to partners' capital accounts did not divest the firm of title or convert the asset into personal property; a valid transfer of immovable partnership property requires compliance with the legal requirements governing such transfers. Income from that property was also not assessable under section 9(3) on a co-ownership basis because partners have no definite and ascertainable share in specific partnership assets during the subsistence of the firm, their interest being confined to the surplus on dissolution. The income was therefore held assessable in the hands of the firm. en-us Thu, 20 Feb 1969 00:00:00 +0530 Fri, 20 Feb 2009 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7476 Immovable property acquired with firm funds remained partnership property because mere book entries transferring the debit balance to partners' capital accounts did not divest the firm of title or convert the asset into personal property; a valid transfer of immovable partnership property requires compliance with the legal requirements governing such transfers. Income from that property was also not assessable under section 9(3) on a co-ownership basis because partners have no definite and ascertainable share in specific partnership assets during the subsistence of the firm, their interest being confined to the surplus on dissolution. The income was therefore held assessable in the hands of the firm. Case-Laws Income Tax Thu, 20 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7476