https://www.taxtmi.com/caselaws?id=27366 The High Court held that properties initially belonging to a firm could not be converted into partners' personal property without a registered deed. The court emphasized the necessity of a deed of conveyance for transferring firm property to individual partners during the partnership, rejecting claims based solely on agreements and book entries. The decision underscored the significance of legal formalities in such property transfers and established that book entries alone are inadequate for converting firm assets into personal property. The judgment favored the Department, affirming the importance of proper documentation in property transactions. en-us Wed, 14 Dec 1983 00:00:00 +0530 Fri, 12 Feb 2010 13:31:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27366 The High Court held that properties initially belonging to a firm could not be converted into partners' personal property without a registered deed. The court emphasized the necessity of a deed of conveyance for transferring firm property to individual partners during the partnership, rejecting claims based solely on agreements and book entries. The decision underscored the significance of legal formalities in such property transfers and established that book entries alone are inadequate for converting firm assets into personal property. The judgment favored the Department, affirming the importance of proper documentation in property transactions. Case-Laws Income Tax Wed, 14 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27366