https://www.taxtmi.com/caselaws?id=37551 Income apportioned to a partner under section 67(2) retains the same head and character as the firm's income in the partner's hands. Where the firm's receipt is interest income, the partner is assessed on that income as interest income and may claim the deduction available to an individual under section 80L if the income otherwise falls within that provision. The fact that the amount was first earned by the firm does not change its nature on allocation to the partner. The principle stated is that apportionment under section 67(2) does not alter the original character of the income for deduction purposes. en-us Wed, 25 Oct 1978 00:00:00 +0530 Tue, 30 Mar 2010 14:08:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37551 Income apportioned to a partner under section 67(2) retains the same head and character as the firm's income in the partner's hands. Where the firm's receipt is interest income, the partner is assessed on that income as interest income and may claim the deduction available to an individual under section 80L if the income otherwise falls within that provision. The fact that the amount was first earned by the firm does not change its nature on allocation to the partner. The principle stated is that apportionment under section 67(2) does not alter the original character of the income for deduction purposes. Case-Laws Income Tax Wed, 25 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37551