Case Law Details
Case Name : Mr Dharmasingh M Popat Vs ACIT 11(2) (ITAT Mumbai)
Related Assessment Year : 2001- 02
Courts :
All ITAT ITAT Mumbai
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The assessee received salary at Rs. 13,26,000/- from the said partnership firm and also received share in profit thereof at Rs. 40,25,600/-. The assessee claimed expenses of Rs. 14.27,819/- against these incomes and arrived at an income of Rs. 39,23,780/- out of which assessee claimed Rs. 40,25,600/- as exempt u/s. 10(2A) of the Act and, hence, finally showed a net loss of Rs. 1,01,819/- under the head profits and gains of business or profession.
A partnership firm is a separate entity than that of its partners under the Incom
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