https://www.taxtmi.com/caselaws?id=15222 The High Court held in favor of the assessee, ruling that the Income-tax Officer erred in clubbing the income of two firms with identical partners and profit-sharing ratios formed for executing two distinct contracts. The Court emphasized the independence of firms as juristic persons and the importance of factual and legal considerations in determining separate entities. Referring to relevant Supreme Court decisions, the Court found no interlacing of funds between the firms, supporting the distinct nature of the partnerships. Consequently, the references were decided in favor of the assessee against the Revenue. en-us Mon, 14 Feb 2000 00:00:00 +0530 Mon, 03 Aug 2009 17:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15222 The High Court held in favor of the assessee, ruling that the Income-tax Officer erred in clubbing the income of two firms with identical partners and profit-sharing ratios formed for executing two distinct contracts. The Court emphasized the independence of firms as juristic persons and the importance of factual and legal considerations in determining separate entities. Referring to relevant Supreme Court decisions, the Court found no interlacing of funds between the firms, supporting the distinct nature of the partnerships. Consequently, the references were decided in favor of the assessee against the Revenue. Case-Laws Income Tax Mon, 14 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15222