https://www.taxtmi.com/caselaws?id=10518 The High Court ruled in favor of the assessee, holding that the annual letting value of a godown owned by the assessee and used for business carried on by him in partnership should be exempt from inclusion in his total income under section 22 of the Income-tax Act, 1961. The Court emphasized that a firm is not a legal entity but an association of individuals, and partners are co-owners in the firm's property. The judgment diverged from the Karnataka High Court's strict interpretation, affirming that the firm-occupied property qualified for exemption. en-us Wed, 02 Feb 2005 00:00:00 +0530 Fri, 17 Jul 2009 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10518 The High Court ruled in favor of the assessee, holding that the annual letting value of a godown owned by the assessee and used for business carried on by him in partnership should be exempt from inclusion in his total income under section 22 of the Income-tax Act, 1961. The Court emphasized that a firm is not a legal entity but an association of individuals, and partners are co-owners in the firm's property. The judgment diverged from the Karnataka High Court's strict interpretation, affirming that the firm-occupied property qualified for exemption. Case-Laws Income Tax Wed, 02 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10518