Income of AOPs or Syndicates to be Taxed Separately from That of its Members: SC

Advertisement PCIT Vs Laxmi Narayan Shivhare (Supreme Court of India) The Madhya Pradesh High Court considered appeals filed by the Revenue challenging the deletion of certain income-tax additions made by the Assessing Officer (AO) against the assessee, Ramesh Chandra Rai, relating to his share of profits and expenses in various syndicates. The assessee, an individual engaged in the liquor business and hotel operations, along with income from partnerships, salary, and rentals, faced search and seizure operations under Section 132 of the Income Tax Act, 1961. Notices under Section 153A were ...