No Income Tax on Partner for Share in Profit of Partnership Firm: ITAT deletes Addition u/s 68 of Income Tax Act [Read Order]

No Income Tax on Partner for - Share in Profit of Partnership Firm - ITAT - Income Tax Act - TAXSCAN

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench held that no income tax on partners for share in profit of partnership firm. Therefore the bench deleted the addition made under Section 68 of Income Tax Act, 1961. Jayesh Tokershi Shah, the taxpayer was a partner in partnership firms and for the year under consideration filed…

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