https://www.taxtmi.com/caselaws?id=38832 Income earned by court-appointed receivers for the real owners of a business was treated as attributable to the co-sharers, and the receivers' assessment as an association of persons did not alter that character. Even though the assessee's share was exempt from tax under the relevant exemption provision, it could still be included in computing total income for the limited purpose of fixing the applicable tax rate under section 16(1)(a). The exempt character of the income did not prevent its use for rate determination where the statute so provided, and the assessment was upheld. en-us Tue, 08 Jun 1976 00:00:00 +0530 Fri, 09 Apr 2010 12:43:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38832 Income earned by court-appointed receivers for the real owners of a business was treated as attributable to the co-sharers, and the receivers' assessment as an association of persons did not alter that character. Even though the assessee's share was exempt from tax under the relevant exemption provision, it could still be included in computing total income for the limited purpose of fixing the applicable tax rate under section 16(1)(a). The exempt character of the income did not prevent its use for rate determination where the statute so provided, and the assessment was upheld. Case-Laws Income Tax Tue, 08 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38832