https://www.taxtmi.com/caselaws?id=19317 The High Court ruled in favor of the partners, affirming their entitlement to deduction under section 80L of the Income-tax Act, 1961 for income from fixed deposits and Government securities. The court held that the character of income, including interest on deposits, remains consistent even after allocation among partners. This decision aligned with the principle that partners are entitled to deductions under section 80L in individual assessments, emphasizing the continuity of income character. The judgment recognized the partners' right to specified deductions and upheld the consistent nature of income character in firm and individual assessments. en-us Wed, 30 Nov 1994 00:00:00 +0530 Thu, 05 Nov 2009 13:29:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19317 The High Court ruled in favor of the partners, affirming their entitlement to deduction under section 80L of the Income-tax Act, 1961 for income from fixed deposits and Government securities. The court held that the character of income, including interest on deposits, remains consistent even after allocation among partners. This decision aligned with the principle that partners are entitled to deductions under section 80L in individual assessments, emphasizing the continuity of income character. The judgment recognized the partners' right to specified deductions and upheld the consistent nature of income character in firm and individual assessments. Case-Laws Income Tax Wed, 30 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19317