https://www.taxtmi.com/caselaws?id=65470 The Tribunal dismissed the assessee's appeal, affirming the validity of the assessment on the Association of Persons (AOP). It held that the commission income was taxable in the hands of the AOP, not its members, and applied the maximum marginal rate of tax as per Section 167B(2) of the IT Act. The Tribunal further concluded that the Board's circular was not binding on the Assessing Officer due to the Supreme Court's judgment in ITO v. Ch. Atchaiah and subsequent statutory amendments, emphasizing that circulars cannot override judicial decisions or statutory provisions. en-us Fri, 31 Aug 2007 00:00:00 +0530 Mon, 05 Feb 2024 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65470 The Tribunal dismissed the assessee's appeal, affirming the validity of the assessment on the Association of Persons (AOP). It held that the commission income was taxable in the hands of the AOP, not its members, and applied the maximum marginal rate of tax as per Section 167B(2) of the IT Act. The Tribunal further concluded that the Board's circular was not binding on the Assessing Officer due to the Supreme Court's judgment in ITO v. Ch. Atchaiah and subsequent statutory amendments, emphasizing that circulars cannot override judicial decisions or statutory provisions. Case-Laws Income Tax Fri, 31 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65470