https://www.taxtmi.com/caselaws?id=59864 The Tribunal allowed the revenue's appeal, upholding the addition of accrued interest on fixed deposits in partners' names as a revenue receipt for the assessee-firm. The decision was based on the Indian Partnership Act, which deems property bought with firm money as firm property unless otherwise intended. Since there was no evidence of contrary intention, the fixed deposits were considered firm property, justifying the inclusion of interest in the firm's income. Previous cases where additions were deleted due to procedural issues were distinguished, emphasizing the regular assessment nature of the current addition under section 143(3). en-us Wed, 14 Mar 1990 00:00:00 +0530 Sat, 01 Jan 2011 15:40:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59864 The Tribunal allowed the revenue's appeal, upholding the addition of accrued interest on fixed deposits in partners' names as a revenue receipt for the assessee-firm. The decision was based on the Indian Partnership Act, which deems property bought with firm money as firm property unless otherwise intended. Since there was no evidence of contrary intention, the fixed deposits were considered firm property, justifying the inclusion of interest in the firm's income. Previous cases where additions were deleted due to procedural issues were distinguished, emphasizing the regular assessment nature of the current addition under section 143(3). Case-Laws Income Tax Wed, 14 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59864