https://www.taxtmi.com/caselaws?id=186840 A registered firm was held entitled to exemption under section 15C of the Income-tax Act, 1922 when computing tax under section 23(5)(a)(i), even though the same exempt profits were also considered in the partners' individual assessments. The legal basis was that the firm and its partners are distinct assessees; tax paid by partners is on their own total income and cannot be treated as tax paid on behalf of the firm. The scheme of the Act showed that exempt industrial profits should not suffer tax in the hands of any assessee, so the exemption could be claimed in each relevant assessment to the extent those profits formed part of that assessee's income. en-us Thu, 19 Aug 1965 00:00:00 +0530 Sat, 01 Oct 2016 17:05:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186840 A registered firm was held entitled to exemption under section 15C of the Income-tax Act, 1922 when computing tax under section 23(5)(a)(i), even though the same exempt profits were also considered in the partners' individual assessments. The legal basis was that the firm and its partners are distinct assessees; tax paid by partners is on their own total income and cannot be treated as tax paid on behalf of the firm. The scheme of the Act showed that exempt industrial profits should not suffer tax in the hands of any assessee, so the exemption could be claimed in each relevant assessment to the extent those profits formed part of that assessee's income. Case-Laws Income Tax Thu, 19 Aug 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186840