https://www.taxtmi.com/caselaws?id=56058 A partnership firm may qualify for the concessional rate applicable to registered professional firms where at least 51% of its total income is derived from a profession carried on by it. The decisive factor is the source and character of the income, not whether every partner holds professional qualifications. Professional activity carried on on behalf of the firm can be attributed to the firm itself under partnership principles. Authorities requiring dependence on the personal qualifications of the practitioners were distinguished because they rested on different statutory wording. On that basis, the firm was entitled to assessment at the lower rate reserved for registered professional firms. en-us Fri, 25 Jan 1985 00:00:00 +0530 Wed, 01 Dec 2010 13:33:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56058 A partnership firm may qualify for the concessional rate applicable to registered professional firms where at least 51% of its total income is derived from a profession carried on by it. The decisive factor is the source and character of the income, not whether every partner holds professional qualifications. Professional activity carried on on behalf of the firm can be attributed to the firm itself under partnership principles. Authorities requiring dependence on the personal qualifications of the practitioners were distinguished because they rested on different statutory wording. On that basis, the firm was entitled to assessment at the lower rate reserved for registered professional firms. Case-Laws Income Tax Fri, 25 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56058