SC: Fixed Shares Paid to Association of Persons Members are Taxable as Income, Regardless of Profit - (13 May 2026)
DIRECT TAXATION
Supreme Court held that fixed receipts paid to an AOP member, without sharing losses or expenses, cannot be treated as exempt “share of profit” under the Income Tax Act, clarifying that Section 86 relief applies only to genuine profit-sharing income to prevent double taxation.
Tags : FIXED SHARES; ASSOCIATION OF PERSONS; INCOME TAX ACT
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