No addition of Rs. 179 Cr as share of profit from LLP was exempt in hands of assessee-partner

ITO Vs Arun Sangal (ITAT Delhi) Conclusion: Additions of Rs.179 crore in the hands of assessee-partner was deleted as income assessed in a firm’s hand was exempt in the hands of its partners as per section 10(2A). Held: Assessee was a medical professional, filed his returns for the Assessment Year (AY) 2018-19. The appeal concerned an addition of over Rs. 179 crore made by AO under section 68 alleging unexplained cash credits in the assessee’s hands. AO noticed a substantial discrepancy between assessee’s closing capital balance for AY 2017-18 and opening capital balance for AY 2018-19. ...