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2014 (3) TMI 395 - MADRAS HIGH COURTSet off of depreciation loss – Share of member from Association of persons (AOP) - Return of loss u/s 80 - Held that:- Section 67A of the Income Tax Act no doubt uses the phrase 'computation' of total income of the association having relevance to the computation of a particular share of income of persons in body of individuals – the apportioning of the share of a member in the income or loss of the association or body under the various heads of income has to be in the same manner in which the income or loss of the association or body has been determined under each head of income - determination of loss or income at the hands of association or body of individuals leads to the determination of the same at the hands of the member in his assessment and such determination of the share of the income of a member in the association is not left to the computation by the individual member in his return showing his share of income. The AOP in which the assessee was a member had not chosen to declare the loss within the time prescribed under the provisions of the Act by filing a return - The assessee was entrusted with the task of availing the loan and organising the affairs of the AOP - When the AOP was under the legal obligation to file its return declaring loss or income and had defaulted in filing the return within the time prescribed, the assessee cannot take advantage of the absence of reference of Section 67A in Section 80 of the Income Tax Act - The relief that has to be considered for the purpose of Section 67A is not dependent on Section 80 - Section 80 has nothing to do with the computation to be done under Section 67A by the assessee - the computation on Section 67A has to be done in the manner prescribed and the provisions of Section 67A is not dependent on what has been given under Section 80 of the Income Tax Act – Decided against Assessee.
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