https://www.taxtmi.com/caselaws?id=6919 Whether the assessee's entire receipt from a constituent firm or only his divisible share was taxable was resolved by treating the assessee's capital in the Bareilly firm as held in representation of original partners and governed by a contemporaneous reciprocal profit and loss sharing agreement. The Court applied the principle that where a partner holds an interest as representative of another and there exists an enforceable obligation to share profits and losses, receipts reflect divided entitlement rather than a post earning diversion; accordingly only one third of the Bareilly firm income was includible in the assessee's assessment and the balance was attributable to other partners under the sub partnership arrangement. en-us Tue, 29 Nov 1966 00:00:00 +0530 Sat, 07 Feb 2009 09:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6919 Whether the assessee's entire receipt from a constituent firm or only his divisible share was taxable was resolved by treating the assessee's capital in the Bareilly firm as held in representation of original partners and governed by a contemporaneous reciprocal profit and loss sharing agreement. The Court applied the principle that where a partner holds an interest as representative of another and there exists an enforceable obligation to share profits and losses, receipts reflect divided entitlement rather than a post earning diversion; accordingly only one third of the Bareilly firm income was includible in the assessee's assessment and the balance was attributable to other partners under the sub partnership arrangement. Case-Laws Income Tax Tue, 29 Nov 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6919