According to the Indian Partnership Act, what should a partner do if they derive profit from a transaction or business competing with the firm?

Account for the profit and pay it to the firm

According to the Indian Partnership Act, if a partner derives profit from a transaction or business that competes with the firm, they are required to account for the profit and pay it to the firm. This provision ensures that any profit made by a partner in a competing business is shared with the partnership and not retained for personal use. It promotes fairness and prevents partners from benefiting individually from activities that may conflict with the interests of the partnership.