Section 14A applies to share of profit from partnership firm

Minal Industries Limited Vs DCIT (ITAT Mumbai)

The issue under consideration is whether Section 14A will be applicable on Profit sharing from Partnership Firm, which is exempt in the hands of partners?

In the present case, assessee states that “assessee earned only share of profit and has not incurred interest expenses or any other expenses to earn share of profit from the partnership firm and therefore, the provisions of Please become a Premium member. If you are already a Premium member, login here to access the full content.