https://www.taxtmi.com/caselaws?id=60695 The Tribunal held that the Association of Persons (AOP) is an independent assessable entity, and the unabsorbed loss should be carried forward in the hands of the AOP, not apportioned among its members. The Commissioner of Income-tax's order under section 263 was quashed, supporting the assessee's position. The decision was based on the interpretation of relevant sections of the Income-tax Act, 1961, and the binding nature of CBDT Circular No. 551. en-us Wed, 28 May 2003 00:00:00 +0530 Fri, 11 Nov 2016 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60695 The Tribunal held that the Association of Persons (AOP) is an independent assessable entity, and the unabsorbed loss should be carried forward in the hands of the AOP, not apportioned among its members. The Commissioner of Income-tax's order under section 263 was quashed, supporting the assessee's position. The decision was based on the interpretation of relevant sections of the Income-tax Act, 1961, and the binding nature of CBDT Circular No. 551. Case-Laws Income Tax Wed, 28 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60695