The share of profit received from a partnership firm is exempt under Section 10(2A) of the Income Tax Act, 1961
In a recent ruling the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that share profit from partnership firm is exempted under Section 10 (2A) of Income Tax Act, 1961. The assessee was engaged in the business of manufacture of thermo equipment. Since the assessee had stopped business in the past,…
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