https://www.taxtmi.com/caselaws?id=306598 The Tribunal held that the Limited Liability Partnership (LLP) was eligible for exemption under Section 10(2A) of the Income Tax Act for the profit share from a partnership firm. The Tribunal allowed the appeal, overturning the CIT(A)'s decision, based on the LLP Act's provisions and judicial precedents recognizing LLPs as legal entities entitled to tax exemptions. The delay in filing the appeal was condoned, and the Tribunal emphasized that LLPs can be partners in other firms without leading to double taxation, distinguishing previous judgments. en-us Tue, 03 Jan 2023 00:00:00 +0530 Mon, 17 Mar 2025 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306598 The Tribunal held that the Limited Liability Partnership (LLP) was eligible for exemption under Section 10(2A) of the Income Tax Act for the profit share from a partnership firm. The Tribunal allowed the appeal, overturning the CIT(A)'s decision, based on the LLP Act's provisions and judicial precedents recognizing LLPs as legal entities entitled to tax exemptions. The delay in filing the appeal was condoned, and the Tribunal emphasized that LLPs can be partners in other firms without leading to double taxation, distinguishing previous judgments. Case-Laws Income Tax Tue, 03 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306598