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. 2. The CIT(A) has not appreciated the fact that the Circular No.636 dated 03.1992 was meant to prevent occurrence to double taxation. In this case, the income is not taxable in the hands of the firm and hence there is no question of double taxation while taxing the same in the hands of the partner (asse...