https://www.taxtmi.com/caselaws?id=28840 Mere book entries could not validly convert immovable property standing in the firm's name into the separate property of the partners, because a partition or release of co-owned immovable property of the requisite value requires a written and registered instrument. In the absence of such valid transfer, the firm remained the owner for tax purposes. The later sale by the partners and legal representative was therefore treated as a sale on behalf of the firm, and the income from the properties, interest on unpaid consideration, and capital gains were assessable in the firm's hands. The tax treatment adopted by the Revenue was upheld. en-us Thu, 29 Jul 1982 00:00:00 +0530 Fri, 26 Feb 2010 12:36:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28840 Mere book entries could not validly convert immovable property standing in the firm's name into the separate property of the partners, because a partition or release of co-owned immovable property of the requisite value requires a written and registered instrument. In the absence of such valid transfer, the firm remained the owner for tax purposes. The later sale by the partners and legal representative was therefore treated as a sale on behalf of the firm, and the income from the properties, interest on unpaid consideration, and capital gains were assessable in the firm's hands. The tax treatment adopted by the Revenue was upheld. Case-Laws Income Tax Thu, 29 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28840