https://www.taxtmi.com/caselaws?id=306222 The Tribunal overturned the Commissioner of Income Tax (Appeals) decision to uphold the addition of undisclosed income under section 10(2A) of the Income Tax Act for the assessment year 2016-17. The Tribunal ruled in favor of the partners of a firm, allowing their claim for exemption based on the CBDT Circular, stating that the share income from the firm credited to partners is exempt and cannot be taxed in their hands. The Tribunal emphasized that the difference in book profit and taxable profit was due to legitimate factors, ultimately deleting the addition of undisclosed income in the partners' hands. en-us Fri, 09 Apr 2021 00:00:00 +0530 Tue, 17 Jan 2023 20:53:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306222 The Tribunal overturned the Commissioner of Income Tax (Appeals) decision to uphold the addition of undisclosed income under section 10(2A) of the Income Tax Act for the assessment year 2016-17. The Tribunal ruled in favor of the partners of a firm, allowing their claim for exemption based on the CBDT Circular, stating that the share income from the firm credited to partners is exempt and cannot be taxed in their hands. The Tribunal emphasized that the difference in book profit and taxable profit was due to legitimate factors, ultimately deleting the addition of undisclosed income in the partners' hands. Case-Laws Income Tax Fri, 09 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306222