https://www.taxtmi.com/caselaws?id=291828 A trading arrangement carried on for profit was treated as taxable on its profits under the Income-tax Act, 1922. On its constitution, where the deed showed constituent groups but did not define the individual shares of the persons involved, the entity was regarded as an association of individuals rather than a firm. Registration under section 26-A was therefore unavailable, and in any event the missing specification of individual shares defeated registration. Interest paid to partners was also disallowed as a deduction because the amounts were not money borrowed for business purposes within section 10(2)(iii). en-us Mon, 10 Feb 1936 00:00:00 +0530 Wed, 25 Nov 2020 16:37:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291828 A trading arrangement carried on for profit was treated as taxable on its profits under the Income-tax Act, 1922. On its constitution, where the deed showed constituent groups but did not define the individual shares of the persons involved, the entity was regarded as an association of individuals rather than a firm. Registration under section 26-A was therefore unavailable, and in any event the missing specification of individual shares defeated registration. Interest paid to partners was also disallowed as a deduction because the amounts were not money borrowed for business purposes within section 10(2)(iii). Case-Laws Income Tax Mon, 10 Feb 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291828