https://www.taxtmi.com/caselaws?id=276019 Allowance and commission paid to a managing partner under a partnership agreement constitute remuneration distinct from the partner's share of firm profits. Rule 24 exemption for income derived from tea sales applies to the firm as the selling taxable unit and does not extend to amounts received by a partner for services. Provisions governing firm and partner assessments, deductions, and computation prevent double taxation but do not alter the separate character of contractual remuneration. The managing partner's allowance and commission are therefore fully assessable as income and are not agricultural income or exempt income under rule 24. en-us Mon, 19 Nov 1962 00:00:00 +0530 Thu, 25 Oct 2018 15:59:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276019 Allowance and commission paid to a managing partner under a partnership agreement constitute remuneration distinct from the partner's share of firm profits. Rule 24 exemption for income derived from tea sales applies to the firm as the selling taxable unit and does not extend to amounts received by a partner for services. Provisions governing firm and partner assessments, deductions, and computation prevent double taxation but do not alter the separate character of contractual remuneration. The managing partner's allowance and commission are therefore fully assessable as income and are not agricultural income or exempt income under rule 24. Case-Laws Income Tax Mon, 19 Nov 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276019