S. Seethalakshmi vs ITO

Authority: ITAT Tribunal/Court: Chennai Date: 2021-04-09 AY: 2016-17 Section: 10(2A), 32 Acts: Income Tax Act 1961 Result: Assessee Citation: 421Taxpundit448 Justices: Duvvuru RL Reddy JM & S. Jayaraman AM Appeal No: I.T.A. No. 3071/Chny/2019
Whether the share of profit from a partnership firm credited to a partner's capital account, which exceeds the firm's taxable income due to differences between book depreciation and allowable depreciation, is fully exempt under section 10(2A) of the Income Tax Act, 1961? --- Held Yes.

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