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 section 14A are not applicable to share of profit from partnership firm since the same is subject to tax in the hands of the partnership firm.” However not agreei...