1929 (6) TMI 3

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ld refer the case back to the Commissioner to make certain additions thereto or alterations therein as provided by Clause (4), Section 66, Income Tax Act of 1922. The observations which I propose to make now are entirely directed to making clear, so far as I can, the points upon which further findings are required at the hands of the Commissioner. 2. It appears that there is a firm called Messrs.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd Company. The terms upon which, the original proprietors having gone, the new proprietors-were carrying on the business are defined in the documents dated 1st February 1929 by a reference to the documents which govern the firm of Messrs. Martin and Company. The words "so far as applicable to this present partnership" appear in the document of 1st February 1927. That is a matter which h....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f Burn and Company. The Commissioner ought to consider that, upon the question whether or not in substance and in truth the assets which had belonged to Burn and Company were being bought by the firm of Martin and Company or whether in substance and in truth there was an entirely different firm (it may be composed of the same partners and it may be that the partners were interested in the same sha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the same shares cannot for Income Tax purposes be partners of two entirely separate firms is a highly abstract proposition. It may or may not be correct but I am not prepared as at present advised to proceed upon so very general a principle without a careful enquiry into the concrete case and into the matters above mentioned. It may turn out that the case depends on the question of fact whether t....