Case Law Details
Case Name : Rahas Investment (P) Ltd. Vs DCIT & Vice-Versa (ITAT Mumbai)
Related Assessment Year : 2010-11
Courts :
All ITAT ITAT Mumbai
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Rahas Investment (P) Ltd. Vs DCIT & Vice-Versa (ITAT Mumbai)
Conclusion: Amount received by a retired partner from its erstwhile partnership firm could not be claimed as exempt under section 10(2A) as the reading of section makes it clear that it makes profit of a firm assessed as such exempt in the hands of its partners and assessee was not at all partner in the said firm.
Held: AO denied exemption u/s.10 (2A) to assessee-company on the amount credit
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