Income from AOP/BOI Included in Taxable Income; Post-Tax Share Not Subject to Re-Taxation

Principal Commissioner Vs Ramesh Chandra Rai (Madhya Pradesh High Court) Conclusion: As per clause (a) of proviso to section 86 of the Act r.w.s 67A of the Act, if the assessee was a member in AOP/BOI and income earned from such AOP/BOI had  been offered to tax, then, the share received by assessee from such AOP/BOI after payment of due taxes could not be taxed again in the hands of the recipient assessee. Also Read SC Judgments in this case:1.  Syndicate Income Cannot Be Taxed in Hands of AOP Members: SC 2. Income of AOPs or Syndicates to be Taxed Separately from That of its Members: SC He...