https://www.taxtmi.com/caselaws?id=36440 The High Court of Madras ruled in favor of the assessee, determining that partners of a firm were entitled to the same exemption on dividend income received from a firm as the firm itself. The court emphasized that partners, as the true owners of the shares, were eligible for the benefits under Section 85 of the Income Tax Act. It clarified that partners should be considered rightful owners of the firm's assets, including shares, and upheld their entitlement to the rebate on dividend income from the firm, aligning with the exemptions available to the firm under the Income Tax Act. en-us Fri, 25 Nov 1977 00:00:00 +0530 Mon, 19 Mar 2018 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36440 The High Court of Madras ruled in favor of the assessee, determining that partners of a firm were entitled to the same exemption on dividend income received from a firm as the firm itself. The court emphasized that partners, as the true owners of the shares, were eligible for the benefits under Section 85 of the Income Tax Act. It clarified that partners should be considered rightful owners of the firm's assets, including shares, and upheld their entitlement to the rebate on dividend income from the firm, aligning with the exemptions available to the firm under the Income Tax Act. Case-Laws Income Tax Fri, 25 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36440