https://www.taxtmi.com/caselaws?id=71408 The tribunal partly allowed the appeals, setting aside the AAC's order annulling the assessment of the AOP based on the alleged exercise of an option by the ITO to assess the members directly. The tribunal found that the ITO had not actually exercised the alleged option and emphasized the need for a fresh examination by the AAC on whether there was an AOP conducting business and the existence of an adventure in the nature of trade. The matter was remanded for reconsideration in light of these findings. en-us Thu, 20 Dec 1984 00:00:00 +0530 Sat, 23 Apr 2011 12:37:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71408 The tribunal partly allowed the appeals, setting aside the AAC's order annulling the assessment of the AOP based on the alleged exercise of an option by the ITO to assess the members directly. The tribunal found that the ITO had not actually exercised the alleged option and emphasized the need for a fresh examination by the AAC on whether there was an AOP conducting business and the existence of an adventure in the nature of trade. The matter was remanded for reconsideration in light of these findings. Case-Laws Income Tax Thu, 20 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71408