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2022 (7) TMI 952 - AT - Income TaxExemption u/s 10(2A) - share of profit in the partnership firm - addition towards interest received from the firm on the capital deployed in the firm by the Partner - HELD THAT:- A perusal of the computation statement filed along with the return of income by the assessee clearly shows that the income from the business/ profession declared include the interest income and the assessee has separately claimed the profit being share of the profit as exempt u/s 10(2A) - Although these evidences were available with the AO as well as the CIT (A), however, they have not considered the same in the way the same should have been considered. Since the assessee has already offered the income being the interest received from the firm in the return of income filed, therefore, addition of the same again amounts to double addition. We, therefore, set aside the order of the learned CIT (A) on this issue and direct the Assessing Officer to delete the addition. So far as the profit from the firm is concerned, the assessee has already claimed the same as exempt u/s 10(2A) of the Act. Since the share of profit from the firm is exempt u/s 10(2A) of the Act, therefore, we modify the order of the learned CIT (A) and direct the Assessing Officer to delete the addition. Grounds of appeal No.1 & 3 raised by the assessee are accordingly allowed.
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