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of <h1>Income of an Association of Persons (syndicate) not clubbable with individual assessee; appeals dismissed, syndicate taxed separately</h1> <h3>Pr. Commissioner of Income Tax (Central) Bhopal Versus Laxmi Narayan Shivhare.</h3> SC dismissed the petitions, holding that income of an Association of Persons (syndicates) cannot be clubbed with the individual assessees. The Court ... 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:- The 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(s). The present petitions are, accordingly, dismissed. 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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