https://www.taxtmi.com/caselaws?id=276586 Whether a partner may deduct a payment to third parties from his share of firm income is addressed by applying the principle that deductions are allowed only for expenditure incurred wholly and exclusively to earn the partner's share; interest on capital borrowed and invested by the partner is deductible, but payments for services performed for the firm (supervision, custody, purchases, cash handling) are firm expenses and not personal expenses of the partner. The operative effect: such service payments do not reduce the partner's taxable share and the claim is disallowed. en-us Tue, 11 Sep 1962 00:00:00 +0530 Wed, 14 Nov 2018 11:43:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276586 Whether a partner may deduct a payment to third parties from his share of firm income is addressed by applying the principle that deductions are allowed only for expenditure incurred wholly and exclusively to earn the partner's share; interest on capital borrowed and invested by the partner is deductible, but payments for services performed for the firm (supervision, custody, purchases, cash handling) are firm expenses and not personal expenses of the partner. The operative effect: such service payments do not reduce the partner's taxable share and the claim is disallowed. Case-Laws Income Tax Tue, 11 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276586