Firm Classified as Association of Persons u/s 167 Faces Maximum Tax Rate Due to Indeterminate Income Shares.

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....Assessment of Firm as AOP - in terms of section 167 the share of the members of AOP are indeterminate - In such case the whole of the income of such an AOP is to be taxed at the maximum marginal rate, as being an AOP with indeterminate share - HC....