ITAT allows Exemption to Partner’s Share of Profit relying on Partnership Deed [Read Order]

ITAT - Exemption - Share of Profit - Partnership Deed - taxscan

The Income Tax Appellate Tribunal (ITAT), Pune bench has quashed an addition relating to partner’s share of profit on the basis of the partnership deed. Earlier, the Assessing Officer has made an addition against the assessee, Mr. Ajay Verma holding that since the assessee has not proved the claim along with the income tax return/balance…

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