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        F. Acts / Amendment Acts

        Section 46 - Amendment of section 158BB

        Finance (No. 2) Act, 1996
        Chapter III
        DIRECT TAXES
        INCOME-TAX

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        Firm income determination before deductions clarifies undisclosed firm income not taxable in partners' hands on allocation. The amendment treats a firm's returned and assessed income for previous years within the block period as income determined before allowing deductions for salary, interest, commission, bonus or other remuneration, effective from 1 July 1995, and provides that any undisclosed income of the firm so determined shall not be chargeable to tax in the hands of the partners whether on allocation or on account of enhancement.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Firm income determination before deductions clarifies undisclosed firm income not taxable in partners' hands on allocation.

                                The amendment treats a firm's returned and assessed income for previous years within the block period as income determined before allowing deductions for salary, interest, commission, bonus or other remuneration, effective from 1 July 1995, and provides that any undisclosed income of the firm so determined shall not be chargeable to tax in the hands of the partners whether on allocation or on account of enhancement.


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