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Income from share transactions of the partners cannot be assessed as those of the firm acting as broker of Partners
Case Law Details
- Case Name
- Pannalal Kejriwal Vs CIT (Calcutta High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Calcutta High Court
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Pannalal Kejriwal Vs CIT (Calcutta High Court)- Whether in the facts of the present case the transactions relating to the shares of ITC Ltd. and Tata Tea Ltd. on behalf of the two partners where the assessee-firm apparently acted as broker could be said to be the transaction on behalf of the assessee-firm itself and the profit of the two partners can be added to the income of the assessee-firm. There is no just reason of treating the income from such share transactions of the partners of the assessee as those of the firm. The firm in those transactions only got the brokerage and those brokerag...
