https://www.taxtmi.com/caselaws?id=36020 The High Court held that partners in a firm are not entitled to exemption under section 80L of the Income-tax Act for interest earned by the firm on bank deposits. The Court emphasized that the exemption is only applicable to the assessee alone, and partners cannot claim this benefit as they are separate assessees from the firm. The Court ruled against the partners, stating that the firm and partners are distinct entities, and the exemption cannot be extended to individuals other than the assessee. en-us Wed, 15 Apr 1981 00:00:00 +0530 Thu, 18 Mar 2010 18:39:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36020 The High Court held that partners in a firm are not entitled to exemption under section 80L of the Income-tax Act for interest earned by the firm on bank deposits. The Court emphasized that the exemption is only applicable to the assessee alone, and partners cannot claim this benefit as they are separate assessees from the firm. The Court ruled against the partners, stating that the firm and partners are distinct entities, and the exemption cannot be extended to individuals other than the assessee. Case-Laws Income Tax Wed, 15 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36020