https://www.taxtmi.com/caselaws?id=341472 The Tribunal allowed the appeal filed by the assessee regarding the inclusion of long term capital gain earned by a partnership firm in the book profit computed under section 115JB of the Act. The Tribunal held that the actions of the assessee, involving partnership formation and share transfer, constituted legitimate tax planning within the law. It distinguished between legitimate tax planning and colorable devices, emphasizing adherence to statutory provisions. The Tribunal directed the Assessing Officer to exclude the share income from the partnership firm while computing the book profit, overturning the decision of the CIT(A). en-us Wed, 05 Apr 2017 00:00:00 +0530 Fri, 07 Apr 2017 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341472 The Tribunal allowed the appeal filed by the assessee regarding the inclusion of long term capital gain earned by a partnership firm in the book profit computed under section 115JB of the Act. The Tribunal held that the actions of the assessee, involving partnership formation and share transfer, constituted legitimate tax planning within the law. It distinguished between legitimate tax planning and colorable devices, emphasizing adherence to statutory provisions. The Tribunal directed the Assessing Officer to exclude the share income from the partnership firm while computing the book profit, overturning the decision of the CIT(A). Case-Laws Income Tax Wed, 05 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341472