https://www.taxtmi.com/caselaws?id=23304 The court ruled in favor of the Revenue, upholding the assessment of accrued interest on fixed deposits in the names of partners as income of the firm. The court emphasized that investments made with firm money are considered firm assets unless proven otherwise, citing the Indian Partnership Act and legal precedent. The balance-sheet indicated the investments as firm assets, leading to the conclusion that the interest income belonged to the firm. The judgment clarifies the tax treatment of partnership investments and underscores the significance of proper accounting to determine ownership of assets in partnership transactions. en-us Wed, 14 Mar 1990 00:00:00 +0530 Fri, 18 Dec 2009 12:12:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23304 The court ruled in favor of the Revenue, upholding the assessment of accrued interest on fixed deposits in the names of partners as income of the firm. The court emphasized that investments made with firm money are considered firm assets unless proven otherwise, citing the Indian Partnership Act and legal precedent. The balance-sheet indicated the investments as firm assets, leading to the conclusion that the interest income belonged to the firm. The judgment clarifies the tax treatment of partnership investments and underscores the significance of proper accounting to determine ownership of assets in partnership transactions. Case-Laws Income Tax Wed, 14 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23304