https://www.taxtmi.com/caselaws?id=14962 The Court concluded that rental income from leased premises should be treated as the income of the partnership firm, not the individual partners. Despite an amendment in the partnership deed, authorities found the income diversion to partners was a subterfuge to reduce firm income. Citing relevant case law, the Court emphasized that the person receiving income is liable for tax, regardless of legal ownership. As the rental income was paid to the firm and not recognized as belonging to partners by the lessee, the appeal was dismissed, affirming the firm's tax liability for the income. en-us Tue, 25 Jan 2000 00:00:00 +0530 Tue, 26 Jul 2016 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14962 The Court concluded that rental income from leased premises should be treated as the income of the partnership firm, not the individual partners. Despite an amendment in the partnership deed, authorities found the income diversion to partners was a subterfuge to reduce firm income. Citing relevant case law, the Court emphasized that the person receiving income is liable for tax, regardless of legal ownership. As the rental income was paid to the firm and not recognized as belonging to partners by the lessee, the appeal was dismissed, affirming the firm's tax liability for the income. Case-Laws Income Tax Tue, 25 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14962