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ITAT allowed exemption u/s 10(2A) to assessee LLP for share of profit received from partnership firm. CIT(A) had denied exemption contending LLP cannot become partner in partnership firm. ITAT held that assessee LLP was duly registered as partner by Registrar of Firms in partnership deed of M/s. Kothari Autolines. Partnership firm had offered income to tax and distributed profits to partners after paying due tax. ITAT found no justification for denying exemption when income already suffered tax at partnership level and only post-tax profits were distributed. CIT(A)'s findings set aside and exemption claim allowed. Appeal succeeded.
ITAT allowed exemption u/s 10(2A) to assessee LLP for share of profit received from partnership firm. CIT(A) had denied exemption contending LLP cannot become partner in partnership firm. ITAT held that assessee LLP was duly registered as partner by Registrar of Firms in partnership deed of M/s. Kothari Autolines. Partnership firm had offered income to tax and distributed profits to partners after paying due tax. ITAT found no justification for denying exemption when income already suffered tax at partnership level and only post-tax profits were distributed. CIT(A)'s findings set aside and exemption claim allowed. Appeal succeeded.
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