https://www.taxtmi.com/caselaws?id=432902 The Appellate Tribunal allowed the appeal, overturning the denial of exemption under section 10(2A) of the Income Tax Act 1961 by the National e-Assessment Center. The Tribunal held that the assessee was entitled to claim exemption based on the actual profit earned by the partnership firm. Additionally, the Tribunal ruled in favor of the assessee regarding the disallowance of losses carried forward from previous years, finding that the partnership firm had indeed earned a profit during the relevant assessment year. The Tribunal's decision effectively addressed the concerns raised by the assessee, resulting in a favorable outcome. en-us Wed, 14 Dec 2022 00:00:00 +0530 Tue, 17 Jan 2023 06:33:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432902 The Appellate Tribunal allowed the appeal, overturning the denial of exemption under section 10(2A) of the Income Tax Act 1961 by the National e-Assessment Center. The Tribunal held that the assessee was entitled to claim exemption based on the actual profit earned by the partnership firm. Additionally, the Tribunal ruled in favor of the assessee regarding the disallowance of losses carried forward from previous years, finding that the partnership firm had indeed earned a profit during the relevant assessment year. The Tribunal's decision effectively addressed the concerns raised by the assessee, resulting in a favorable outcome. Case-Laws Income Tax Wed, 14 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432902