https://www.taxtmi.com/caselaws?id=29478 The court held that the three individuals did not constitute an Association of Persons (AOP) and the transaction was not an adventure in the nature of trade. The notice served under section 148 was deemed invalid as it was addressed to the individuals, not the AOP. As a result, the assessment of the so-called AOP was found unnecessary, and the profit was not considered as 'business income'. The reference was declined, and no costs were awarded. en-us Wed, 29 Apr 1981 00:00:00 +0530 Sat, 13 Mar 2010 12:09:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29478 The court held that the three individuals did not constitute an Association of Persons (AOP) and the transaction was not an adventure in the nature of trade. The notice served under section 148 was deemed invalid as it was addressed to the individuals, not the AOP. As a result, the assessment of the so-called AOP was found unnecessary, and the profit was not considered as 'business income'. The reference was declined, and no costs were awarded. Case-Laws Income Tax Wed, 29 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29478