https://www.taxtmi.com/caselaws?id=204933 Section 86 of the Income-tax Act was construed to mean that a member of an association of persons is not liable to tax on its share of income computed under section 67A, and the exclusion of a company or co-operative society was read as qualifying the association or body, not the member. Reading section 86 with section 40(ba), the Madras HC found no statutory bar preventing a private company from claiming the exemption. Applying the settled rule of literal interpretation of taxing statutes, the court held that the company was entitled to the benefit of section 86, in favour of the assessee and against the revenue. en-us Tue, 03 Aug 2010 00:00:00 +0530 Mon, 31 Oct 2011 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204933 Section 86 of the Income-tax Act was construed to mean that a member of an association of persons is not liable to tax on its share of income computed under section 67A, and the exclusion of a company or co-operative society was read as qualifying the association or body, not the member. Reading section 86 with section 40(ba), the Madras HC found no statutory bar preventing a private company from claiming the exemption. Applying the settled rule of literal interpretation of taxing statutes, the court held that the company was entitled to the benefit of section 86, in favour of the assessee and against the revenue. Case-Laws Income Tax Tue, 03 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204933