Amendment to Income Tax Act: omission of Explanation treating partner receipts as firm income alters partner income treatment. Amendment to the Income tax Act modifies the statutory treatment of certain receipts under section 28 by removing Explanation 1, which had treated any interest, salary, bonus, commission or remuneration received by a partner from the firm as falling within the specified clause, thereby altering the statutory articulation of how such payments are classified under that provision.
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Provisions expressly mentioned in the judgment/order text.
Amendment to Income Tax Act: omission of Explanation treating partner receipts as firm income alters partner income treatment.
Amendment to the Income tax Act modifies the statutory treatment of certain receipts under section 28 by removing Explanation 1, which had treated any interest, salary, bonus, commission or remuneration received by a partner from the firm as falling within the specified clause, thereby altering the statutory articulation of how such payments are classified under that provision.
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