https://www.taxtmi.com/caselaws?id=25298 The High Court of Kerala decided that the sons of a deceased sole proprietor of a gold business should be assessed as an association of persons rather than as individuals for the assessment years 1975-76, 1976-77, 1979-80, and 1980-81. Despite arguments based on co-ownership, the court ruled in favor of the Revenue, considering the sons' joint enterprise and profit-seeking activities as indicative of an association of persons. The court emphasized the resemblance of commercial ventures among co-owners to partnerships and highlighted the common purpose of producing income. The judgment directed the parties to bear their respective costs and forwarded the decision to the Income-tax Appellate Tribunal, Cochin Bench. en-us Wed, 13 Jan 1988 00:00:00 +0530 Wed, 27 Jan 2010 17:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25298 The High Court of Kerala decided that the sons of a deceased sole proprietor of a gold business should be assessed as an association of persons rather than as individuals for the assessment years 1975-76, 1976-77, 1979-80, and 1980-81. Despite arguments based on co-ownership, the court ruled in favor of the Revenue, considering the sons' joint enterprise and profit-seeking activities as indicative of an association of persons. The court emphasized the resemblance of commercial ventures among co-owners to partnerships and highlighted the common purpose of producing income. The judgment directed the parties to bear their respective costs and forwarded the decision to the Income-tax Appellate Tribunal, Cochin Bench. Case-Laws Income Tax Wed, 13 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25298