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1987 (9) TMI 79 - AT - Income TaxExtract: ....... be in the name of the assessee, i.e., the firm itself. This contention is not very valid, and as the CIT (A) has pointed out, the assets of the firm can stand in the names of the partners. What is to be seen is whether the partners hold the asset on behalf of the firm or on their own behalf. 16. In the result, the departmental appeal is dismissed.
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