https://www.taxtmi.com/caselaws?id=66168 The tribunal ruled in favor of the assessee, determining that section 167B did not apply as the members did not have a share in the income of the association. It emphasized that section 167B pertains to associations where members have a share in income, not just in assets or surplus. The tribunal highlighted the distinction between rights to share in income and assets, referencing relevant provisions under the Wealth-tax Act and Income-tax Act. Additionally, a circular clarified that associations without member income shares are not subject to tax at the maximum marginal rate under section 167B. The club was directed to be taxed at the ordinary rate applicable to Associations of Persons. en-us Tue, 05 Mar 2002 00:00:00 +0530 Tue, 14 Feb 2017 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66168 The tribunal ruled in favor of the assessee, determining that section 167B did not apply as the members did not have a share in the income of the association. It emphasized that section 167B pertains to associations where members have a share in income, not just in assets or surplus. The tribunal highlighted the distinction between rights to share in income and assets, referencing relevant provisions under the Wealth-tax Act and Income-tax Act. Additionally, a circular clarified that associations without member income shares are not subject to tax at the maximum marginal rate under section 167B. The club was directed to be taxed at the ordinary rate applicable to Associations of Persons. Case-Laws Income Tax Tue, 05 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66168