https://www.taxtmi.com/caselaws?id=57526 The Tribunal held that the maximum marginal rate under section 167A does not apply to "Body of Individuals" (BOI) for the assessment years 1987-88 and 1988-89. It concluded that the section only applied to Associations of Persons (AOP) and not BOIs. The retrospective application of amendments was also considered, with the Tribunal determining that the introduction of section 167B, including BOIs, was prospective and not retrospective. Therefore, the appeals by the revenue were dismissed, affirming that the tax rate applicable to the assessees was that for individuals, not the maximum marginal rate. en-us Wed, 16 Oct 1996 00:00:00 +0530 Fri, 10 Dec 2010 16:19:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57526 The Tribunal held that the maximum marginal rate under section 167A does not apply to "Body of Individuals" (BOI) for the assessment years 1987-88 and 1988-89. It concluded that the section only applied to Associations of Persons (AOP) and not BOIs. The retrospective application of amendments was also considered, with the Tribunal determining that the introduction of section 167B, including BOIs, was prospective and not retrospective. Therefore, the appeals by the revenue were dismissed, affirming that the tax rate applicable to the assessees was that for individuals, not the maximum marginal rate. Case-Laws Income Tax Wed, 16 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57526