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1 - 10 of 21 (0.35 seconds)Section 67A in The Income Tax Act, 1961 [Entire Act]
Section 167B in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
The Coinage Act, 2011
Section 260A in The Income Tax Act, 1961 [Entire Act]
Income Tax Officer vs Ch. Atchaiah on 11 December, 1995
8.3.7 In our view, even if for any reason the Revenue failed to make any
assessment in the hands of the syndicates, then also the income, which
is otherwise chargeable to tax in a different tax entity i.e. the syndicate,
cannot be added to the income of the assessee. We find that unlike
under section 3 of the Income-Tax Act, 1922, in the present Income Tax
Act, 1961 there is no such discretion or option available to an assessing
officer as regard to taxing of any income earned by an AOP either in the
hands of AOP or its members. Now, the assessing officer, subject to the
provisions contained in ss. 67A, 86 and 167B is statutorily bound to
make the assessment only in the hands of AOP and no addition, on the
Signature Not Verified
Signed by: BIJU BABY
Signing time:
10/21/2024 5:37:05 PM
NEUTRAL CITATION NO. 2024:MPHC-JBP:52328
18 ITA-272-2022
count of share of profit of a member in the AOP, can be made in the
hands of such member. For such proposition, we rely on the decision of
the Hon'ble Apex Court in the case of ITO vs. Ch. Atchaiah - (1996)
218 ITR 0239 (SC) in which their Lordships were pleased to hold that
under the present Act there is no discretion available to an AO either to
assess the income in the hands of AOP or its members, but the same has
to be assessed only in the hands of the AOP. The Apex Court further
held that right income must be assessed in the hands of the right person.
The Societies Registration Act, 1860
Section 43 in The Income Tax Act, 1961 [Entire Act]
Mcdowell And Company Limited vs Commercial Tax Officer, Nacharam ... on 14 March, 1996
2. Whether, such syndicate did not have any PAN and that
they were not filing statutory tax returns, fully establishing mens
rea on the part of the assessee and taxing share of profits of such
colourable devices (syndicates) in the hands of the assessee in all
practicality is in the spirit of the 'Doctrine of lifting of corporate
veil' in larger public interest also not appreciating the judgment
of the Hon'ble Supreme Court in the case of Mcdowell & Co.
Ltd. Vs Commercial Tax Officer 154 ITR 148 wherein the
Hon'ble Apex Court held that colourable devices cannot be used
for tax evasion in the garb of tax planning?