Investment by firm allowable as deduction u/s. 54G to partner as per his partnership share: ITAT Rajkot

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 the firm of M/s ...