https://www.taxtmi.com/caselaws?id=38376 In computing a partner's share income from a tea firm, salary and interest paid to partners are treated as part of the firm's profits rather than deductible employment . A partner cannot stand in the position of an employee of the firm, so these payments are brought into the statutory profit-sharing computation as partner remuneration. Because only 40% of a tea firm's income is taxable under the relevant rule, the same taxable proportion applies when allocating salary and interest to partners for assessment of their share income. The Tribunal's approach reflected that only the taxable portion of such payments is relevant for partners' assessment. en-us Mon, 03 Jan 1977 00:00:00 +0530 Mon, 05 Apr 2010 18:06:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38376 In computing a partner's share income from a tea firm, salary and interest paid to partners are treated as part of the firm's profits rather than deductible employment . A partner cannot stand in the position of an employee of the firm, so these payments are brought into the statutory profit-sharing computation as partner remuneration. Because only 40% of a tea firm's income is taxable under the relevant rule, the same taxable proportion applies when allocating salary and interest to partners for assessment of their share income. The Tribunal's approach reflected that only the taxable portion of such payments is relevant for partners' assessment. Case-Laws Income Tax Mon, 03 Jan 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38376