The Tribunal held that since the assessee had only received the share of profit from limited liability partnership at the agreed rate of 95 percent of the profits and the identity of the limited liability partnership was not in dispute, its constitution, agreement, sharing ratio, capital contribution ratio and the audited financial statements were not in dispute, there was no justification in disallowing the exemption by the Assessing Officer. Order of CIT (A) is affirmed. (AY. 2016-17)
Jt. CIT (OSD) v. Aditya Kumar Singhania (2022)97 ITR 7 (SN) (Kol.) (Trib.)
S. 10(2A) : Share income of partner-Profits from partnership in Limited Liability Partnership-Profit sharing ratio 95:5 – 20 years experience-Denial of exemption is not justified. [S. 2(31)(iv), 2(31)(vii)]