https://www.taxtmi.com/caselaws?id=25154 The High Court determined that the five individuals involved in M/s. Friends Enterprises formed an association of persons (AOP) for taxation purposes under the Income-tax Act, 1961. The Court held that their joint venture agreement to invest in betting and gambling activities with the intent to earn income constituted a systematic income-producing activity, meeting the criteria for an AOP. Consequently, the entire income was to be assessed in the hands of the AOP, rejecting the division of income into individual shares. The Court ruled in favor of the Revenue and against the assessee on both issues. en-us Wed, 26 Aug 1987 00:00:00 +0530 Mon, 25 Jan 2010 16:49:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25154 The High Court determined that the five individuals involved in M/s. Friends Enterprises formed an association of persons (AOP) for taxation purposes under the Income-tax Act, 1961. The Court held that their joint venture agreement to invest in betting and gambling activities with the intent to earn income constituted a systematic income-producing activity, meeting the criteria for an AOP. Consequently, the entire income was to be assessed in the hands of the AOP, rejecting the division of income into individual shares. The Court ruled in favor of the Revenue and against the assessee on both issues. Case-Laws Income Tax Wed, 26 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25154