https://www.taxtmi.com/caselaws?id=346952 The court concluded that the Revenue could not rely on Section 13(b) of the Indian Partnership Act in this case, as the Partnership Deed contained a clear agreement on profit distribution among partners. The judgment dismissed the appeals filed by the Revenue and disposed of the Income Tax References in favor of the assessee. The decision reaffirmed the significance of partner agreements in determining profit allocation within a partnership, emphasizing the autonomy of partners in structuring their financial arrangements. en-us Fri, 28 Jul 2017 00:00:00 +0530 Fri, 25 Aug 2017 07:07:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346952 The court concluded that the Revenue could not rely on Section 13(b) of the Indian Partnership Act in this case, as the Partnership Deed contained a clear agreement on profit distribution among partners. The judgment dismissed the appeals filed by the Revenue and disposed of the Income Tax References in favor of the assessee. The decision reaffirmed the significance of partner agreements in determining profit allocation within a partnership, emphasizing the autonomy of partners in structuring their financial arrangements. Case-Laws Wealth-tax Fri, 28 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346952