https://www.taxtmi.com/caselaws?id=5416 The Supreme Court ruled in favor of the assessee, determining that the increased allowance of Rs. 1,400 per month received by an individual from a partnership firm was for services rendered by him and should be treated as his individual income, not as part of the income of the Hindu undivided family. The Court emphasized that the increase in allowance was a legitimate business decision, considering the firm's growth, and not a means to divert income. The decision underscored the significance of evaluating business decisions and partnership dynamics in assessing individual income from a partnership firm. en-us Fri, 19 Feb 1993 00:00:00 +0530 Mon, 24 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5416 The Supreme Court ruled in favor of the assessee, determining that the increased allowance of Rs. 1,400 per month received by an individual from a partnership firm was for services rendered by him and should be treated as his individual income, not as part of the income of the Hindu undivided family. The Court emphasized that the increase in allowance was a legitimate business decision, considering the firm's growth, and not a means to divert income. The decision underscored the significance of evaluating business decisions and partnership dynamics in assessing individual income from a partnership firm. Case-Laws Income Tax Fri, 19 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5416