Share of profit received by LLP from partnership firm is exempt under Income Tax

Mulberry Textiles LLP Vs ITO (ITAT Bangalore) LLP receiving share of profit from other partnership firm is eligible for exemption under Income Tax The ITAT, Bangalore in M/s Mulberry Textiles LLP v. ITO [ITA No. 757/Bang/2022 dated January 3, 2023] has held that, Limited Liability Partnership (“LLP”) is to be treated as a firm under the Income Tax Act, 1961 (“the IT Act”) and a firm can be a partner in other partnership firms therefore, the assessee being a LLP is eligible to exemption under Section 10(2A) of the IT Act from the share of profit received from other partnership firms. F...