https://www.taxtmi.com/caselaws?id=274634 Section 14(2)(b) exemption is confined to a partner's proportionate share of profits or gains of a firm that have actually been assessed to income-tax in the firm's hands. A mere computation step, omission, or disallowance in the firm's assessment is insufficient to treat a separate item as taxed. On the facts, the assessee had already received credit for his one-third share of the firm's assessed profits, but the interest received from the firm had not itself been assessed as income of the firm. The assessee was therefore not entitled to exemption on that interest amount, and relief was denied. en-us Thu, 19 Sep 1940 00:00:00 +0530 Sat, 25 Aug 2018 12:19:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274634 Section 14(2)(b) exemption is confined to a partner's proportionate share of profits or gains of a firm that have actually been assessed to income-tax in the firm's hands. A mere computation step, omission, or disallowance in the firm's assessment is insufficient to treat a separate item as taxed. On the facts, the assessee had already received credit for his one-third share of the firm's assessed profits, but the interest received from the firm had not itself been assessed as income of the firm. The assessee was therefore not entitled to exemption on that interest amount, and relief was denied. Case-Laws Income Tax Thu, 19 Sep 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274634