Profit exempt in Partnership cannot be taxed in Partners Account

Contention of the revenue

1. The CIT(A) has erred in law and on facts in considering the share of profit of Rs.47.48 crores as exempt u/s 10(2A) in the hands of the assessee despite the fact that the total income of the said firm namely M/s Parashar was Rs.Nil after claiming deduction u/s 80IB.

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