Exemption u/s 10(26) - Exemption to individual members of ...
Income Tax
March 22, 2024
Exemption u/s 10(26) - Exemption to individual members of Scheduled Tribes - Whether a partnership firm, formed by individual partners who are entitled to an exemption u/s 10(26), can claim the same exemption. - The tribunal observed that under the Income Tax Act, a partnership firm is treated as a separate and distinct entity from its partners. The Act expressly includes firms in the definition of "person" for the purpose of tax assessment, making them separately assessable entities. - The exemption u/s 10(26) of the Income Tax Act, specifically granted to individual members of Scheduled Tribes, cannot be extended to partnership firms, even if they are solely constituted of such individuals.
View Source
