https://www.taxtmi.com/caselaws?id=36378 The court affirmed the allocation of profits in a partnership firm, M/s. N. S. Corporation, following a change in the firm's constitution. The court held that the tax payable by the firm should be deducted from the total income, and the remaining amount should be apportioned among the partners as per the law. The decision aligned with the provisions of Section 67(1)(a) and Section 187(1) of the Income Tax Act, 1961, emphasizing the importance of assessing income based on the firm's composition at the time of assessment. en-us Fri, 25 Jul 1980 00:00:00 +0530 Mon, 22 Mar 2010 10:39:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36378 The court affirmed the allocation of profits in a partnership firm, M/s. N. S. Corporation, following a change in the firm's constitution. The court held that the tax payable by the firm should be deducted from the total income, and the remaining amount should be apportioned among the partners as per the law. The decision aligned with the provisions of Section 67(1)(a) and Section 187(1) of the Income Tax Act, 1961, emphasizing the importance of assessing income based on the firm's composition at the time of assessment. Case-Laws Income Tax Fri, 25 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36378