The Hon’ble MP High Court while deciding an appeal on the substantial questions of law involving assessee’s share of profits being part of various syndicates, observed that the assessee was a member of an association of persons or body individuals, share of members of such association of persons or body individuals were determinate and known. Such association of persons or body individuals were chargeable to tax on their total at the maximum marginal rate or any higher rate. In such a factual position and circumstances, the share of profit/income received by the assessee from association of persons or body individuals/syndicates fall under the clause (a) of the first proviso to S. 86 r.w.s. 67A of the Act and, thus, the AO was not justified in making the addition in the hands of the assessee on account of his share in profits of syndicates and on account of his share of inadmissible expenses incurred by the syndicates. Ultimately, it was held that no substantial question of law arose for consideration. (AY. 2010-11 to 2016-17)