https://www.taxtmi.com/caselaws?id=38701 A partner's share of profits from a registered firm under the Indian Income-tax Act, 1922 is assessable in the partner's hands as business income under section 10, because the share does not retain the separate character of the firm's constituent heads for individual assessment. The contrary approach of dissecting the partner's share into the heads applicable to the firm was rejected. The later apportionment rule in section 67(2) of the 1961 Act was treated as applying prospectively and not governing assessments under the 1922 Act. en-us Wed, 23 Jul 1975 00:00:00 +0530 Thu, 08 Apr 2010 13:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38701 A partner's share of profits from a registered firm under the Indian Income-tax Act, 1922 is assessable in the partner's hands as business income under section 10, because the share does not retain the separate character of the firm's constituent heads for individual assessment. The contrary approach of dissecting the partner's share into the heads applicable to the firm was rejected. The later apportionment rule in section 67(2) of the 1961 Act was treated as applying prospectively and not governing assessments under the 1922 Act. Case-Laws Income Tax Wed, 23 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38701