https://www.taxtmi.com/caselaws?id=9305 A partner's share of firm income was held taxable in the partner's hands as profits and gains of business, not as income from property. The High Court reasoned that the partner does not become owner of the firm's specific assets, and the character of the firm's rental receipts does not continue unchanged in the partner's hands. The share income must be classified under the statutory heads of income within the Act, and it is not a separate category outside that scheme. The later provision in section 67(2) of the 1961 Act was not applied retrospectively to the assessments in question. en-us Wed, 28 Feb 1973 00:00:00 +0530 Sun, 21 Jun 2009 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9305 A partner's share of firm income was held taxable in the partner's hands as profits and gains of business, not as income from property. The High Court reasoned that the partner does not become owner of the firm's specific assets, and the character of the firm's rental receipts does not continue unchanged in the partner's hands. The share income must be classified under the statutory heads of income within the Act, and it is not a separate category outside that scheme. The later provision in section 67(2) of the 1961 Act was not applied retrospectively to the assessments in question. Case-Laws Income Tax Wed, 28 Feb 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9305