ITAT quashes Addition of Rs. 179 Cr, Holds Share of Profit from LLP is Exempt

The ITAT quashed an addition made to the taxpayer's income, holding that share profit from an LLP is exempt under Section 10(2A) of the Income Tax Act. In this case, the taxpayer had received a share of profit from an LLP, which the tax authorities sought to tax. The tribunal ruled that under Section 10(2A), share profits from an LLP are not taxable, as they are considered exempt income. The decision reinforces the tax-free status of LLP share profits and clarifies the legal framework around the taxation of such profits, benefiting partners in LLPs.