https://www.taxtmi.com/caselaws?id=276164 A firm is not a juristic person, but its partners may still validly enter into a partnership with the partners of another firm. The arrangement is not invalid merely because the firms are named in the contract, and the partners are treated as the contracting parties. Business losses actually suffered in that larger partnership must be taken into account in computing taxable income, even if the underlying arrangement is questioned on legal form. A claim for interest paid to the partner-firm failed because the payment could not be treated as interest to a firm as such on the footing advanced. en-us Thu, 30 Mar 1939 00:00:00 +0530 Thu, 01 Nov 2018 12:30:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276164 A firm is not a juristic person, but its partners may still validly enter into a partnership with the partners of another firm. The arrangement is not invalid merely because the firms are named in the contract, and the partners are treated as the contracting parties. Business losses actually suffered in that larger partnership must be taken into account in computing taxable income, even if the underlying arrangement is questioned on legal form. A claim for interest paid to the partner-firm failed because the payment could not be treated as interest to a firm as such on the footing advanced. Case-Laws Income Tax Thu, 30 Mar 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276164