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of <h1>Syndicate AOP income taxable in AOP hands under section 2(31), not clubbed with individual members' income</h1> <h3>Pr. Commissioner of Income Tax (Central) Versus Laxmi Narayan Shivhare.</h3> SC upheld the HC's decision that income earned by various syndicates, constituted as Associations of Persons (AOPs), is taxable in the hands of the AOPs ... 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 the Persons (Syndicates) cannot be clubbed with the assessees. High Court [2024 (10) TMI 1288 - MADHYA PRADESH HIGH COURT] has not erred in passing the impugned order. The present petitions are, accordingly, dismissed. The Supreme Court condoned the delay and, after hearing counsel for the petitioner, declined to interfere with the High Court's decision concerning assessment of income arising from an Association of Persons (AOP) described as 'Syndicates.' The Court affirmed the legal position that 'the income of the Association of the Persons (Syndicates) cannot be clubbed with the assessees.' By doing so, it implicitly upheld the separate tax personality and independent assessability of the AOP, rejecting the Revenue's attempt to attribute or club such income with individual assessees. Finding that the High Court had 'not erred in passing the impugned order,' the Supreme Court dismissed the petitions and ordered that all pending applications, if any, stand disposed of.
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