Supreme Court · 1966 INSC 125 · Decided 19 July 1966
Fatehchand Murlidhar and Anr v. Commissioner of Income-Tax, Calcutta
- Court
- Supreme Court of India
- Citation
- 1966 INSC 125 · [1966] SUPP. 1 S.C.R. 453
- Case number
- CIVIL APPEAL No. 1108/1964
- Decided
- 19 July 1966
- Bench
- K.N. WANCHOO, S.M. SIKRI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66(1)
Headnote
Income-tax Act (11 of 1932), s. 23(5)(a:-Scope of-Partnership­ Sub-partnership between a pa.rtner and strangers-Agreement-to share profits and loss~s of partner in the Partnershqr--Income from the Partnership-Whether belongs to partner or sub-partnership. The assessee was a partner in 1949, he entered into a partnership with persons v.rho \vere strangers to the registered firm and a deed of partnership was executed between them. It recited that the profits and losses for the share of the asscssce in the registered firm should belong to the new firm and be divided and borne by
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