https://www.taxtmi.com/caselaws?id=8736 A firm can own immovable property for income-tax purposes because partnership law treats firm property as property acquired by or for the firm, and a partner has no implied authority to acquire or transfer immovable property on the firm's behalf. On that footing, a firm is a taxable person capable of holding property, and income from such property is assessable in the firm's hands rather than in the partners' hands. Section 9(3) of the Indian Income-tax Act, 1922 does not apply where the property is owned by the firm itself, and the issue was answered in favour of the Revenue. en-us Thu, 21 Sep 1972 00:00:00 +0530 Wed, 03 Jun 2009 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8736 A firm can own immovable property for income-tax purposes because partnership law treats firm property as property acquired by or for the firm, and a partner has no implied authority to acquire or transfer immovable property on the firm's behalf. On that footing, a firm is a taxable person capable of holding property, and income from such property is assessable in the firm's hands rather than in the partners' hands. Section 9(3) of the Indian Income-tax Act, 1922 does not apply where the property is owned by the firm itself, and the issue was answered in favour of the Revenue. Case-Laws Income Tax Thu, 21 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8736