https://www.taxtmi.com/caselaws?id=61324 The appeal centered on whether interest on Fixed Deposit receipts held by partners individually should be added to the firm's income. The Income Tax Officer and Appellate Authority Commissioner included the interest in the firm's income, considering the Fixed Deposit receipts as firm property. However, the Tribunal ruled in favor of the assessee, noting that the Fixed Deposit receipts were held individually by partners, reflected in their accounts, and distinct from the firm's assets. The Tribunal's decision aligned with a precedent emphasizing the treatment of Fixed Deposit receipts held by partners individually. en-us Sat, 28 Jul 1984 00:00:00 +0530 Wed, 12 Jan 2011 12:09:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61324 The appeal centered on whether interest on Fixed Deposit receipts held by partners individually should be added to the firm's income. The Income Tax Officer and Appellate Authority Commissioner included the interest in the firm's income, considering the Fixed Deposit receipts as firm property. However, the Tribunal ruled in favor of the assessee, noting that the Fixed Deposit receipts were held individually by partners, reflected in their accounts, and distinct from the firm's assets. The Tribunal's decision aligned with a precedent emphasizing the treatment of Fixed Deposit receipts held by partners individually. Case-Laws Income Tax Sat, 28 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61324