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TMI Blog1992 (5) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... ise certain foreign firms had engaged them in production of films etc. In regard to the professional services so rendered by the partners of the firm the clients paid them in foreign currency. The firm filed its return and the share of the partners have been determined on that basis and accordingly the assessments have been made in the hands of the partners. His submission was that the authorities below have not appreciated the fact that the income derived by the firm, later on distributed to the various partners in accordance with their profit-sharing ratios, retains its original character all through. To emphasize this point he made reference to the provisions of section 67 of the income-tax Act which provides the method of computing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtners once again. He submitted that this also makes it amply clear that the legislature realised that a firm being a compendium of persons, would stand in the same footing as an individual would insofar as the income derived by the firm is concerned because the income so derived by the firm is, in fact, the income derived by the partners jointly. He relied on various judicial pronouncements in support of his above claim. He then made reference to the Allahabad High Court decision in CIT v. Brij Raman Das [1979] 118 ITR 397. In this case the question was whether the partners could claim deduction under section 80L, representing interest/dividends etc. earned from scheduled banks, companies etc. which interest/dividends were earned by the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her if such income is so received as an artist and is brought into India by him in accordance with the provisions of Foreign Exchange Regulation Act, could be allowed deduction under section 80-RR?" As per the accreditation index published by Press Information Bureau, Government of India, Shri Prem Prakash and Shri Sanjiv Prakash have been accredited as correspondent-cum-cameramen. The Press Release by the British Television 'News Film has announced award on the hard news (sound) to Shri Prem Prakash, indicating that his competence has been recognised world over. The partnership deed as filed by the assessee also indicates that the partners of the firm have formed the partnership to carry on the business of dealing in photography as photogr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to comply with the provisions of section 67(2) of the Income-tax Act. 5. From the above it is seen that the partner's total income, who is a resident in India and who is an artist by virtue of the Board's clarification and the income so derived by him from exercise of his profession as an artist, satisfies the requirement under section 80RR to this extent. The only other condition that needs to be complied is that the income so derived and received must have been brought intoIndiaby him or on his behalf in accordance with the Foreign Exchange Regulation Act and rules made thereunder. If this condition is also satisfied, then the individual partner is entitled to a deduction of 25% of the income so received or brought in computing the tota ..... X X X X Extracts X X X X X X X X Extracts X X X X
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