https://www.taxtmi.com/caselaws?id=8367 For income-tax purposes, a partnership firm can be a separate assessable unit capable of owning property. The governing test was whether the house property was acquired by or for the firm, or held in the course of its business. On the record, the lease deed stood in the firm's name, the municipal records also reflected the firm as owner, and the surrounding material did not establish individual ownership by the partners. The annual value was therefore taxable in the firm's hands under section 9 of the Income-tax Act, 1922. en-us Wed, 26 May 1971 00:00:00 +0530 Fri, 10 Apr 2009 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8367 For income-tax purposes, a partnership firm can be a separate assessable unit capable of owning property. The governing test was whether the house property was acquired by or for the firm, or held in the course of its business. On the record, the lease deed stood in the firm's name, the municipal records also reflected the firm as owner, and the surrounding material did not establish individual ownership by the partners. The annual value was therefore taxable in the firm's hands under section 9 of the Income-tax Act, 1922. Case-Laws Income Tax Wed, 26 May 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8367