Supreme Court Affirms Taxation Decision on Partners' Outstandings

The Supreme Court upheld the decision of the Calcutta High Court regarding the taxation of partners in a solicitors firm under the Wealth-tax Act for their share of outstandings from clients. The appeals were dismissed without costs as the issue raised was considered insignificant due to statutory amendments and the insubstantial amount involved.

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The Supreme Court dismissed appeals regarding the taxation of partners in a solicitors firm under the Wealth-tax Act for their share of outstandings from clients. The decision of the Calcutta High Court was upheld, and the appeals were dismissed without costs. The issue raised was not deemed of contemporary importance due to statutory amendments and the insubstantial amount involved.

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