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2010 (8) TMI 589 - MADRAS HIGH COURTExemption u/s 86 - Member of an association of persons - Received interest from the association of persons - If the association of persons or a body of individuals happened to be a company or a co-operative society or a society registered under the Societies Registration Act, then in such an eventuality the member, who is also an assessee is not entitled to get the benefits provided under Section 86 of the Act - Further, Section 40(ba) of the Act would also make it clear that the share of the assessee under the income of association of persons shall not be taxable - Hence, a combined reading of the provisions would make it clear that there is no bar for a private company like the assessee from getting the benefits of Section 86 of the Act - Thus,the appeal is dismissed in favour of the assessee and against the revenue. No costs.
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