Share of Profit from AOPs Not Taxable Again in Member’s Hands: MP HC deletes ₹65 crore addition

Advertisement Principal Commissioner Vs Ramesh Chandra Rai (Madhya Pradesh High Court) The Madhya Pradesh High Court dismissed a batch of revenue appeals under Section 260A of the Income Tax Act, 1961, holding that no substantial question of law arises from the order of the Income Tax Appellate Tribunal (ITAT), Indore. The appeals challenged the ITAT’s decision deleting additions made by the Assessing Officer (AO) in respect of the assessee’s share of profit from various syndicates engaged in liquor business. Read SC Judgment: SC Upholds Bar on Clubbing Syndicate Income With Individual...