https://www.taxtmi.com/caselaws?id=277231 The article addresses whether a registered firm can legally be a partner in other firms and whether profits credited to the registered firm are its taxable income. It explains that statutory definitions and precedent establish that a firm is not a partner in another firm for partnership incidents, while the Income-tax Act treats a registered firm as an assessee. The key legal distinction is between capacity to be a partner (a legal proposition) and attribution of receipts (a factual inquiry). Where sums were invested by the registered firm and profits paid to it, they are firm income; where funds belonged to individual partners, profits belong to those individuals. en-us Fri, 22 Apr 1932 00:00:00 +0530 Thu, 29 Nov 2018 14:42:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277231 The article addresses whether a registered firm can legally be a partner in other firms and whether profits credited to the registered firm are its taxable income. It explains that statutory definitions and precedent establish that a firm is not a partner in another firm for partnership incidents, while the Income-tax Act treats a registered firm as an assessee. The key legal distinction is between capacity to be a partner (a legal proposition) and attribution of receipts (a factual inquiry). Where sums were invested by the registered firm and profits paid to it, they are firm income; where funds belonged to individual partners, profits belong to those individuals. Case-Laws Income Tax Fri, 22 Apr 1932 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277231