https://www.taxtmi.com/caselaws?id=8861 Income accrued and received by a partnership remains taxable in the firm's hands where there was no prior diversion by an overriding title. The partners' agreement did not transfer title in the assets or income to an existing society, and the society came into existence only later. A subsequent dissolution deed and retrospective dissolution could not alter the tax incidence on income that had already accrued during the accounting year. The later payment to the society was only an application of income after accrual, so the income was assessable in the assessee-firm's hands and not in the hands of the proposed society. en-us Tue, 13 Mar 1973 00:00:00 +0530 Tue, 16 Jun 2009 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8861 Income accrued and received by a partnership remains taxable in the firm's hands where there was no prior diversion by an overriding title. The partners' agreement did not transfer title in the assets or income to an existing society, and the society came into existence only later. A subsequent dissolution deed and retrospective dissolution could not alter the tax incidence on income that had already accrued during the accounting year. The later payment to the society was only an application of income after accrual, so the income was assessable in the assessee-firm's hands and not in the hands of the proposed society. Case-Laws Income Tax Tue, 13 Mar 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8861