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Investment by firm allowable as deduction u/s. 54G to partner as per his partnership share: ITAT Rajkot
Case Law Details
- Case Name
- Hasmukhbhai Makanbhai Padariya Vs ITO (ITAT Rajkot)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Rajkot
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Hasmukhbhai Makanbhai Padariya Vs ITO (ITAT Rajkot)
ITAT Rajkot held that each partner is owner of the assets to the extent of his share in the partnership, hence, exemption u/s 54G of the Act, should not be denied to the assessee under consideration. Thus, investment made by firm is allowable as deduction u/s. 54G to the partner as per his share in partnership.
Facts- The assessee has filed his return of income declaring total income at Rs.4,78,670/-and claimed deduction u/s 54G of the Act, for Rs. 1,15,94,133/- on the ground that he has invested more than Rs.1,15,94,133/- in...
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