https://www.taxtmi.com/caselaws?id=387683 The Tribunal dismissed the appeals challenging reassessment proceedings and the application of Section 167B(1) of the Income Tax Act. It held that the reassessment was not a mere change of opinion as the original assessment did not determine profit sharing ratios in the Association of Persons (AOP). The agreements lacked clarity on profit sharing, leading to indeterminate profit shares among AOP members. Consequently, the Tribunal upheld the tax liability calculation based on Section 167B(1) and affirmed the lower authorities' decisions. en-us Mon, 21 Oct 2019 00:00:00 +0530 Tue, 29 Oct 2019 19:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387683 The Tribunal dismissed the appeals challenging reassessment proceedings and the application of Section 167B(1) of the Income Tax Act. It held that the reassessment was not a mere change of opinion as the original assessment did not determine profit sharing ratios in the Association of Persons (AOP). The agreements lacked clarity on profit sharing, leading to indeterminate profit shares among AOP members. Consequently, the Tribunal upheld the tax liability calculation based on Section 167B(1) and affirmed the lower authorities' decisions. Case-Laws Income Tax Mon, 21 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387683