Share of profit, as per LLP agreement, exemption u/s 10(2A) available

JCIT(OSD) Vs Sri Aditya Kumar Singhania (ITAT Kolkata) Facts- The assessee is an individual and the source of income is from salary and share of profit from a Limited Liability Partnership (LLP). Return for Assessment was filed declaring income of Rs.52,92,490/- in which the assessee claimed exemption u/s 10(2A) of the Act for the share of profit of Rs.2,04,30,723/- from Adiman Finance Consultants Ltd. LLP. Cases selected for scrutiny through CASS followed by the issuance of notice u/s 143(2) & 142(1) of the Act. The AO observed that if the total fixed and capital contribution was consider...