SC Upholds Reassessment as Survey Revealed True Nature of AOP Receipts

Sanand Properties P. Ltd. Vs Jt. Commr. of I.T. Range 6 And Ors. (Supreme Court of India) Reopening of Assessment Valid Because Survey Unearthed Fresh Tangible Material: SC; 35% Share Taxable as Revenue Since Expenses Never Reduced Entitlement: SC; Receipts Linked to Gross Sales Held Taxable as Business Income, Not Profit Share; Assessment Reopening Sustained Because Original Orders Never Examined Real Character of Income; AOP Member’s Receipt Taxable Where Clause Created Revenue Sharing Arrangement: SC; Survey Findings Defeat Change-of-Opinion Argument in Reassessment Dispute; Share of Gros...