https://www.taxtmi.com/caselaws?id=38029 Interest on Government securities held as stock-in-trade is chargeable under the specific head "interest on securities" and cannot be treated as business income merely because the securities are trading assets. For a registered firm under the 1922 Act, a partner's share is taken as share of partnership profits after apportionment of the firm's total income, and the later head-wise apportionment rule in section 67(2) of the 1961 Act was not retrospective. The partner's share income was therefore not required to be split under different heads on the firm's assessment pattern, and the share income, including the component linked to securities interest, was treated as business income in the partner's hands for earned income relief. en-us Wed, 06 Jul 1977 00:00:00 +0530 Fri, 02 Apr 2010 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38029 Interest on Government securities held as stock-in-trade is chargeable under the specific head "interest on securities" and cannot be treated as business income merely because the securities are trading assets. For a registered firm under the 1922 Act, a partner's share is taken as share of partnership profits after apportionment of the firm's total income, and the later head-wise apportionment rule in section 67(2) of the 1961 Act was not retrospective. The partner's share income was therefore not required to be split under different heads on the firm's assessment pattern, and the share income, including the component linked to securities interest, was treated as business income in the partner's hands for earned income relief. Case-Laws Income Tax Wed, 06 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38029