Firm - Definition / Legal Terminology - Income Tax

As per clause (23)(i) of section 2 of the Income tax Act 1961, Firm shall have the meaning assigned to it in the Indian Partnership Act, and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008; 'Firm' means- 'Firm' is a collective noun, a compendious expression to designate an entity, not a person. In income-tax law a firm is a unit of assessment by special provisions but is not a full person - CIT v. R.M. Chidambaram Pillai- 1976 (11) TMI 2 - SUPREME COURT .