https://www.taxtmi.com/caselaws?id=5142 A partner's share of profits from a firm is treated as business income, and expenditure incurred wholly and exclusively to earn that income is deductible in computing taxable income. The fact that the partner's share is included in total income under the provisions relating to registered firms does not bar deduction of otherwise allowable business expenses. The deduction remains available only where the expenditure is shown to be necessary and incurred for the purpose of earning the partnership income. en-us Fri, 07 Mar 1969 00:00:00 +0530 Thu, 20 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5142 A partner's share of profits from a firm is treated as business income, and expenditure incurred wholly and exclusively to earn that income is deductible in computing taxable income. The fact that the partner's share is included in total income under the provisions relating to registered firms does not bar deduction of otherwise allowable business expenses. The deduction remains available only where the expenditure is shown to be necessary and incurred for the purpose of earning the partnership income. Case-Laws Income Tax Fri, 07 Mar 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5142