https://www.taxtmi.com/caselaws?id=192830 A partner in a registered firm is assessable only on his real income, not on the full share notionally allocated under section 23(5)(a) of the Income-tax Act, 1922. Where a valid and binding sub-partnership diverts part of the partner's share before it becomes his beneficial income, that diverted portion is excluded from assessment in his hands. On the facts, the arrangement was genuine and operated as a partnership within a partnership, so only the amount actually remaining with the partner was taxable. en-us Tue, 30 Sep 1958 00:00:00 +0530 Fri, 23 Jun 2017 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192830 A partner in a registered firm is assessable only on his real income, not on the full share notionally allocated under section 23(5)(a) of the Income-tax Act, 1922. Where a valid and binding sub-partnership diverts part of the partner's share before it becomes his beneficial income, that diverted portion is excluded from assessment in his hands. On the facts, the arrangement was genuine and operated as a partnership within a partnership, so only the amount actually remaining with the partner was taxable. Case-Laws Income Tax Tue, 30 Sep 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192830