LLP receiving share of profit from other partnership firm is eligible for exemption under Income Tax
Court :
ITAT, Bangalore
Brief :
The ITAT, Bangalore in M/s Mulberry Textiles LLP v. ITO [ITA No. 757/Bang/2022 dated January 3, 2023] has held that, Limited Liability Partnership ("LLP") is to be treated as a firm under the Income Tax Act, 1961 ("the IT Act") and a firm can be a partner in other partnership firms therefore, the assessee being a LLP is eligible to exemption under Section 10(2A) of the IT Act from the share of profit received from other partnership firms.
Citation :
ITA No. 757/Bang/2022 dated January 3, 2023
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Bimal Jain
Published in Income Tax
Views : 382
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