https://www.taxtmi.com/caselaws?id=19337 The High Court of MADRAS held that a partnership firm could not claim allowances under section 23(2) and exemption under section 54 of the Income-tax Act, 1961, for a property used by its partners for residence. The court emphasized that only individual owners, not fictional entities like firms, could avail of such deductions. The judgment clarified that these provisions apply to properties used by individuals or their parents for residence, leading to a ruling in favor of the Revenue and against the assessee, denying the firm's claims for deductions and exemptions. en-us Mon, 02 Jan 1995 00:00:00 +0530 Thu, 05 Nov 2009 15:41:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19337 The High Court of MADRAS held that a partnership firm could not claim allowances under section 23(2) and exemption under section 54 of the Income-tax Act, 1961, for a property used by its partners for residence. The court emphasized that only individual owners, not fictional entities like firms, could avail of such deductions. The judgment clarified that these provisions apply to properties used by individuals or their parents for residence, leading to a ruling in favor of the Revenue and against the assessee, denying the firm's claims for deductions and exemptions. Case-Laws Income Tax Mon, 02 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19337