Taxability of interest income in the hands of Partner instead of ...

Court Rules Against Double Taxation on Partner's Interest Income Already Included in Firm's Taxable Income.

June 25, 2021

Case Laws     Income Tax     AT

Taxability of interest income in the hands of Partner instead of Partnership firm - Allegation that assessee did not disclosed the receipt of Interest in his return of income - Since amount has already been offered for taxation in the hands of the firm, the said amount to be taxed in the hands of the individual partner i.e. assessee would amount to double taxation, which is not permissible under law. - AT

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