https://www.taxtmi.com/caselaws?id=290081 An unregistered association of firms remained assessable to income tax because its taxable character under the Income Tax Act, 1922 depended on whether it answered the description of a firm or association of individuals, not on compliance with the Companies Act, 1913. Non-registration under company law might attract penalties or disabilities there, but it did not bar assessment on profits. Depreciation was denied because Section 10 allowed allowance only for assets used in the business in respect of which the assessment was made, and the machinery, plant and buildings belonged to or were used by constituent firms separately assessed, not the assessee. en-us Sat, 14 Feb 1931 00:00:00 +0530 Wed, 13 Jan 2021 14:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290081 An unregistered association of firms remained assessable to income tax because its taxable character under the Income Tax Act, 1922 depended on whether it answered the description of a firm or association of individuals, not on compliance with the Companies Act, 1913. Non-registration under company law might attract penalties or disabilities there, but it did not bar assessment on profits. Depreciation was denied because Section 10 allowed allowance only for assets used in the business in respect of which the assessment was made, and the machinery, plant and buildings belonged to or were used by constituent firms separately assessed, not the assessee. Case-Laws Income Tax Sat, 14 Feb 1931 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290081