https://www.taxtmi.com/caselaws?id=20295 Where the same partners execute more than one partnership deed, the decisive question is whether the deeds and surrounding circumstances show an intention to create separate firms or only one firm carrying on multiple businesses. Interlacing of funds, common management, and other connected business incidents may indicate a single assessable unit. On the facts noted, cloth business funds were used to construct the theatre, the accounts showed interconnection, and the theatre building was reflected in the firm's books and balance-sheet as an asset. The existence of two distinct and independent partnerships was not established, and the income from both businesses was assessable in the assessee's hands. en-us Tue, 18 Jan 1994 00:00:00 +0530 Fri, 13 Nov 2009 11:00:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20295 Where the same partners execute more than one partnership deed, the decisive question is whether the deeds and surrounding circumstances show an intention to create separate firms or only one firm carrying on multiple businesses. Interlacing of funds, common management, and other connected business incidents may indicate a single assessable unit. On the facts noted, cloth business funds were used to construct the theatre, the accounts showed interconnection, and the theatre building was reflected in the firm's books and balance-sheet as an asset. The existence of two distinct and independent partnerships was not established, and the income from both businesses was assessable in the assessee's hands. Case-Laws Income Tax Tue, 18 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20295