Income of an Association of Persons (syndicate) not clubbable with individual assessee; appeals dismissed, syndicate taxed separately SC dismissed the petitions, holding that income of an Association of Persons (syndicates) cannot be clubbed with the individual assessees. The Court ...
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Income of an Association of Persons (syndicate) not clubbable with individual assessee; appeals dismissed, syndicate taxed separately
SC dismissed the petitions, holding that income of an Association of Persons (syndicates) cannot be clubbed with the individual assessees. The Court upheld the HC's orders, finding no error in refusing to treat the appellant's share of syndicate profit as taxable in the hands of the assessee rather than the syndicate itself, and accordingly dismissed the appeals.
Delay condoned; petitioner heard. 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(s) and upheld them. Consequent relief: the petitions are dismissed and pending applications, if any, stand disposed of. The decision rests on the legal proposition refusing clubbing of syndicate/AOP income with individual assessees, thereby affirming the lower court's ruling.
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