https://www.taxtmi.com/caselaws?id=57634 The Tribunal held that capital gains arising from the sale of a business asset belonged to the AOP formed by two individuals, even if assessed in the individuals' hands. It emphasized that income from the asset sale should be taxed in the AOP's hands or the individual to whom the income arises. Referring to double taxation relief under section 86, the Tribunal directed the ITO to compute the AOP's income before distribution to individual members. The decision, based on legal precedent, clarified the ownership of income in AOP scenarios, ensuring proper assessment procedures and providing clarity on income allocation. en-us Wed, 13 Feb 1985 00:00:00 +0530 Sat, 11 Dec 2010 12:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57634 The Tribunal held that capital gains arising from the sale of a business asset belonged to the AOP formed by two individuals, even if assessed in the individuals' hands. It emphasized that income from the asset sale should be taxed in the AOP's hands or the individual to whom the income arises. Referring to double taxation relief under section 86, the Tribunal directed the ITO to compute the AOP's income before distribution to individual members. The decision, based on legal precedent, clarified the ownership of income in AOP scenarios, ensuring proper assessment procedures and providing clarity on income allocation. Case-Laws Income Tax Wed, 13 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57634