SUB-PARTNERSHIP ::
Last updated: 15 October 2007
Court :
HC
Brief :
Held by the Hon`ble 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 entitle to exemption under section 10(2A) of Income-tax act, 1961.
Citation :
Radha Krishna Jalan Vs. C.I.T.
Section 10(2A)
Radha Krishna Jalan Vs. C.I.T. 08/27/2007
[2007] 294 ITR 28 (Gauhati) Case Fact:
Whether, sub-partnership entitle to exemption under section 10(2A) of Income-tax act, 1961?
Decision:
Held by the Hon`ble 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 entitle to exemption under section 10(2A) of Income-tax act, 1961.
CA.Saibaburao Nanduri
Published in Income Tax
Views : 87
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