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TMI Blog1991 (4) TMI 162X X X X Extracts X X X X X X X X Extracts X X X X ..... nclusion thereof in her total income for rate purposes only as per provisions of s. 167A of the IT Act, 1961 (the Act) as it stood at the relevant time. The ITO, however, included the same for tax purposes under s. 86 (v) of the Act as in his opinion no tax had been paid by the AOP's in respect of the aforesaid amount. In appeal, the CIT(A) accepted the contention and directed the ITO to included ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efits of basic exemption. But no part of income of an AOP wherein the shares of its members were indeterminate or unknown was includible in the total income of the member concerned even for rate purposes. However, for and from asst. yr. 1981-82, in view of the provisions of the Explanation to s. 86(v) each of the members of the AOP (as contemplate by s. 167A) is deemed to be entitled to receive an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such association, every member will be deemed to be entitled to receive an equal share in the total income of the association and the amount of income so determined will be included in his assessment for rate purposes. (ii) Where the shares of members of an association of persons in only a part of its income are indeterminate or unknown, the association will be chargeable to Income-tax at the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. There may be some force in Mr. Rajani's arguments but that appears to have appreciated by the legislature in 1985 by substituting the provisions of s. 167A, as inserted by Finance Act, 1961 w.e.f. 1st April, 1981, with new ones by Finance Act, 1985 w.e.f. 1st April, 1985. In so face as the controversy in the present appeal is concerned that stands governed by the old provisions and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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