https://www.taxtmi.com/caselaws?id=67495 Interest received by partners from a firm on capital invested in the firm retains the same business-income character in the partners' hands. The statutory scheme in section 67 of the Income-tax Act, read with section 28(v), treats interest, salary, bonus, commission or other remuneration from a firm as part of the firm's business income before allocation to partners. The analysis also reflects the principle that a firm, though assessed as a unit, does not alter the essential character of income merely because it is passed through to partners. CBDT clarification and supporting authorities are noted as consistent with this treatment. en-us Thu, 31 Dec 1992 00:00:00 +0530 Thu, 10 Mar 2011 18:36:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67495 Interest received by partners from a firm on capital invested in the firm retains the same business-income character in the partners' hands. The statutory scheme in section 67 of the Income-tax Act, read with section 28(v), treats interest, salary, bonus, commission or other remuneration from a firm as part of the firm's business income before allocation to partners. The analysis also reflects the principle that a firm, though assessed as a unit, does not alter the essential character of income merely because it is passed through to partners. CBDT clarification and supporting authorities are noted as consistent with this treatment. Case-Laws Income Tax Thu, 31 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67495