https://www.taxtmi.com/caselaws?id=11868 A later partnership firm was treated as a separate taxable entity because common partners, similar business and the same profit-sharing ratio did not displace its independent registration, separate books, distinct capital contributions and independent bank account, with no evidence of interlacing or diversion of funds. Assets disclosed under the Voluntary Disclosure Scheme were held to be capital assets rather than trading stock. Revaluation of those disclosed assets did not, by itself, create taxable income, because mere book enhancement is not real income; taxability would arise only on a subsequent transaction generating business profit. en-us Tue, 03 Sep 2002 00:00:00 +0530 Wed, 10 Feb 2010 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11868 A later partnership firm was treated as a separate taxable entity because common partners, similar business and the same profit-sharing ratio did not displace its independent registration, separate books, distinct capital contributions and independent bank account, with no evidence of interlacing or diversion of funds. Assets disclosed under the Voluntary Disclosure Scheme were held to be capital assets rather than trading stock. Revaluation of those disclosed assets did not, by itself, create taxable income, because mere book enhancement is not real income; taxability would arise only on a subsequent transaction generating business profit. Case-Laws Income Tax Tue, 03 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11868