https://www.taxtmi.com/caselaws?id=8011 A partnership interest may be treated as held for a firm where the surrounding conduct and accounting records show an agreement to that effect, even if no bilateral written agreement exists. Here, the books of account and the consistent treatment of both profits and losses in the common profit and loss account supported the inference that the assessees joined the three mill partnerships on behalf of Messrs. Valiram Sons. On that basis, the entire share of profits from those ventures was assessable in the assessees' individual hands, and the argument that only the proportion attributable to Messrs. Valiram Sons should be taxed failed. en-us Wed, 07 Jan 1970 00:00:00 +0530 Fri, 27 Mar 2009 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8011 A partnership interest may be treated as held for a firm where the surrounding conduct and accounting records show an agreement to that effect, even if no bilateral written agreement exists. Here, the books of account and the consistent treatment of both profits and losses in the common profit and loss account supported the inference that the assessees joined the three mill partnerships on behalf of Messrs. Valiram Sons. On that basis, the entire share of profits from those ventures was assessable in the assessees' individual hands, and the argument that only the proportion attributable to Messrs. Valiram Sons should be taxed failed. Case-Laws Income Tax Wed, 07 Jan 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8011