https://www.taxtmi.com/caselaws?id=49213 A valid sub-partnership in respect of a partner's share in a main firm can divest the profit stream by an overriding title before it reaches the partner, so the diverted amount is not his personal income. Section 23(5)(a) of the Indian Income-tax Act, 1922 is only a machinery provision for apportionment in a registered firm and does not determine the ultimate ownership of the income. After apportionment, the assessing authority must still identify the real recipient. On that basis, income attributable to the sub-partnership remained assessable in the hands of the entity truly entitled to it, not as the partner's individual income. en-us Fri, 19 Jul 1996 00:00:00 +0530 Wed, 09 Jul 2014 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49213 A valid sub-partnership in respect of a partner's share in a main firm can divest the profit stream by an overriding title before it reaches the partner, so the diverted amount is not his personal income. Section 23(5)(a) of the Indian Income-tax Act, 1922 is only a machinery provision for apportionment in a registered firm and does not determine the ultimate ownership of the income. After apportionment, the assessing authority must still identify the real recipient. On that basis, income attributable to the sub-partnership remained assessable in the hands of the entity truly entitled to it, not as the partner's individual income. Case-Laws Income Tax Fri, 19 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49213