https://www.taxtmi.com/caselaws?id=18463 Interest income derived from deposits standing in the name of a firm is not eligible for deduction under section 80L in the hands of a partner, because section 80L(3), inserted retrospectively from 1 April 1976, provides that where the relevant income is derived from an asset held by, or on behalf of, a firm, no deduction is allowable in computing a partner's total income. The retrospective amendment resolved the controversy by treating such firm-held income as outside the partner-level deduction claim, and the issue was answered in favour of the Revenue and against the assessee. en-us Tue, 16 Jan 1996 00:00:00 +0530 Thu, 01 Oct 2009 11:28:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18463 Interest income derived from deposits standing in the name of a firm is not eligible for deduction under section 80L in the hands of a partner, because section 80L(3), inserted retrospectively from 1 April 1976, provides that where the relevant income is derived from an asset held by, or on behalf of, a firm, no deduction is allowable in computing a partner's total income. The retrospective amendment resolved the controversy by treating such firm-held income as outside the partner-level deduction claim, and the issue was answered in favour of the Revenue and against the assessee. Case-Laws Income Tax Tue, 16 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18463