Body of individuals assessment under the Income-tax Act upheld on binding precedent, with issues answered for the Revenue.

The assessee's assessability as a "body of individuals" under the Income-tax Act, 1961 was examined with reference to section 4 read with section 2(31)(v), and the Court treated the issue as covered by its earlier binding precedent. On that basis, the relevant assessment years and income periods were held correctly assessed on the footing of a body of individuals. The questions were answered in the affirmative, against the assessee and in favour of the Revenue.

---

---

Issues: Whether the assessee was liable to be assessed as a "body of individuals" under the Income-tax Act, 1961, and whether the relevant assessment years and income periods were correctly assessed on that basis.

Analysis: The questions referred were held to be covered by an earlier decision of the same Court. The statutory basis considered was section 4 read with section 2(31)(v) of the Income-tax Act, 1961, under which the assessee could be treated as a "body of individuals" for assessment purposes. Since the issues were already concluded by binding precedent, the reference was answered accordingly.

Conclusion: The questions were answered in the affirmative, against the assessee and in favour of the Revenue.

---