https://www.taxtmi.com/caselaws?id=27380 A partner may bring separate immovable property into the stock of a partnership by clear intention and accounting treatment, without a registered conveyance, where the property is shown in the firm's accounts as partnership asset. On that footing, the building was treated as belonging to the firm, depreciation was allowable to the assessee-firm, and rental income was not assessable in the partner's individual hands. The non-inclusion of that income did not attract concealment penalty under section 271(1)(c), particularly where the surrounding facts supported a bona fide belief that no individual liability arose. en-us Mon, 19 Dec 1983 00:00:00 +0530 Fri, 12 Feb 2010 13:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27380 A partner may bring separate immovable property into the stock of a partnership by clear intention and accounting treatment, without a registered conveyance, where the property is shown in the firm's accounts as partnership asset. On that footing, the building was treated as belonging to the firm, depreciation was allowable to the assessee-firm, and rental income was not assessable in the partner's individual hands. The non-inclusion of that income did not attract concealment penalty under section 271(1)(c), particularly where the surrounding facts supported a bona fide belief that no individual liability arose. Case-Laws Income Tax Mon, 19 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27380