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<h1>Profit shares from syndicates are income of an Association of Persons, not taxable to individual members</h1> The SC held that profit shares earned by syndicates constituted income of an Association of Persons and cannot be clubbed with the individual assessee's ... Addition in the hands of syndicate v/s assessee - appellant's share of profit derived by various syndicates maintaining that share of profit is taxable in the hands of syndicate or in the hands of the assessee HELD THAT:- Income of the Association of Persons (Syndicates) cannot be clubbed with the assessees. We are of the opinion that the High Court [2024 (10) TMI 1288 - MADHYA PRADESH HIGH COURT] has not erred in passing the impugned order. The delay of 188 days in filing the petition was condoned and I.A. No. 206901/2025 was allowed. After hearing counsel, the court held that 'The income of the Association of Persons (Syndicates) cannot be clubbed with the assessees.' On that basis the court found no error in the High Court's impugned order and dismissed the petition. Pending application(s), if any, were directed to stand disposed of.
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