Home Highlights March 2014 Year 2014 This

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1. Formation of Association of persons (AOP) - The internal division of responsibility by the consortium members and the recognition thereof cannot dislodge the legal...

2. Taxation of Association of person (AOP) u/s 167B - one of the member of AOP is an Non Resident i.e. HPI, a company registered in Canada and the income of this member is...

3. Association of persons (AOP) - Consortium - Appellant No.1 is a member of AOP or not - There is no force in the contention of Appellant No.1 that due to absence of right...

4. The assessee was a member of syndicates (association of persons or body of individuals) and had received share of profits from them. The tax authorities sought to tax...

5. Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Section 21AA has been introduced in order to prevent tax evasion - The Bangalore Club is...

6. Share of the loss of the AOP claimed as business loss - joint venture - there is no provision for setting off of a member’s share of the losses of the AOP against his...

7. Not accepting the revised return of income and disallowing the claim of loss - Submission of return for losses - there is no specific denial u/s 80 that the return filed...

8. Capital gain - real owner of property - Addition in the hands of AOP or members of AOP - once the share of the respective member is allotted by the AOP then the AOP...

9. Assessee is member of AOP and received interest as member of the AOP, hence as per section 67A, the income has to be computed in the hands of AOP and the share income...

10. Status of society - Artificial Juridical Person (AJP) or Association of persons (AOP) - Once a body/society is incorporated under a statute, it becomes juridical person - HC

11. Valuation loss treated as speculation loss - It is a fact that shares traded by the assessee were not of any of the good companies. The assessee had in the normal course...

12. Carried forward of loss determined under section 74 read with section 80 - long-term capital loss - As the assessee filed its original return declaring the positive...

13. Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain....

14. From the plain reading of section 167B, the taxability of an AOP is based on whether the members' shares are determinate or indeterminate. When indeterminate, tax is...

15. Treatment of assessee trust as an Association of Persons (AOP) - Since it was revocable Trust, the provisions of Sec. 61 to 63 were applicable and the assessee could not...