SUB-PARTNERSHIP ::

Last updated: 15 October 2007

Court :
HC

Brief :
Held by the Hon`ble Court that, Though sub partnership has not been defined either in Income-tax act or in Partnership act but the pre-requisite of exemption under the provision of section 10(2A) is that the assessee must be a partner of a firm which is separately assessed. Therefore sub-partnership entitle to exemption under section 10(2A) of Income-tax act, 1961.

Citation :
Radha Krishna Jalan Vs. C.I.T.

Section 10(2A) Radha Krishna Jalan Vs. C.I.T. 08/27/2007 [2007] 294 ITR 28 (Gauhati) Case Fact: Whether, sub-partnership entitle to exemption under section 10(2A) of Income-tax act, 1961? Decision: Held by the Hon`ble Court that, Though sub partnership has not been defined either in Income-tax act or in Partnership act but the pre-requisite of exemption under the provision of section 10(2A) is that the assessee must be a partner of a firm which is separately assessed. Therefore sub-partnership entitle to exemption under section 10(2A) of Income-tax act, 1961.