https://www.taxtmi.com/caselaws?id=14070 Firm registration cannot continue where the firm has ceased its own business and lacks the statutory licence required for the activity producing disputed receipts. Its stated objects covered only manufacture and sale of its own products, while insurance commission was earned by an individual agent. An arrangement directing that individual's earnings to the partners did not convert personal income into the firm's business income. The firm therefore could not be treated as a genuine continuing firm for registration purposes, and cancellation of registration was justified. The commission receipts were not assessable as the firm's income. en-us Wed, 11 Apr 2001 00:00:00 +0530 Mon, 13 Jul 2009 13:24:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14070 Firm registration cannot continue where the firm has ceased its own business and lacks the statutory licence required for the activity producing disputed receipts. Its stated objects covered only manufacture and sale of its own products, while insurance commission was earned by an individual agent. An arrangement directing that individual's earnings to the partners did not convert personal income into the firm's business income. The firm therefore could not be treated as a genuine continuing firm for registration purposes, and cancellation of registration was justified. The commission receipts were not assessable as the firm's income. Case-Laws Income Tax Wed, 11 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14070