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Section 10(2A) - Share of profit by a partner in a firm


Court :
Gauhati High Court

Brief :
Whether sub-partnership is entitled to exemption under section 10(2A) of Income-tax act, 1961?

Citation :
Radha Krishna Jalan Vs. C.I.T. 27/08/2007 [2007] 294 ITR 28

Held by the Honourable Court that, though sub partnership has not been defined either in Income-tax act or in Partnership act but the pre-requisite of exemption under the provision of section 10(2A) is that the assessee must be a partner of a firm which is separately assessed. Therefore sub-partnership is entitled to exemption under section 10(2A) of Income-tax act, 1961.
 

Devendra
on 04 November 2008
Published in Income Tax
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