Assessment Error: Officer Incorrectly Taxes Firm's Exempt Incomes in Partners' Hands u/s 10 Clauses.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....AO is not right in holding that the incomes which are excluded from the total income of the firm by operation of various clauses of Section 10 and which form part of the share of profits of the firm would have to be taxed in the hands of the partners - HC....