https://www.taxtmi.com/caselaws?id=28404 The court held that properties purchased in partners' names but treated as firm assets remained firm properties without individual ownership rights. The partners' attempt to claim ownership based on account book entries was rejected. The court emphasized the properties were acquired with firm funds, treated as firm assets, and income distributed as firm income. Without registered documents, partners couldn't assert ownership. The court ruled partners couldn't claim specific shares in properties for income distribution. The judgment favored the Department, ruling against the assessee with no costs awarded. en-us Tue, 14 Dec 1982 00:00:00 +0530 Mon, 22 Feb 2010 12:41:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28404 The court held that properties purchased in partners' names but treated as firm assets remained firm properties without individual ownership rights. The partners' attempt to claim ownership based on account book entries was rejected. The court emphasized the properties were acquired with firm funds, treated as firm assets, and income distributed as firm income. Without registered documents, partners couldn't assert ownership. The court ruled partners couldn't claim specific shares in properties for income distribution. The judgment favored the Department, ruling against the assessee with no costs awarded. Case-Laws Income Tax Tue, 14 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28404