Assessee is\u00a0 an Association of Persons (AOP) engaged in managing rental income from co-owned immovable property.\u00a0 Assessee filed its return of income which was processed by CPC raising demands due to classification of assessee as an AOP with indeterminate or unknown shares, leading to application of maximum marginal rate under section 167B. CIT(A) dismissed the appeal. On appeal the Tribunal held that\u00a0 since co-ownership agreement specified that rental income would be distributed among co-owners in specific and pre-determined proportions after meeting all tax and other liabilities, shares of co-owners were specific and ascertainable, thus, provisions of section 167B which apply when shares are indeterminate or unknown, were inapplicable. Accordingly the\u00a0 matter is\u00a0 remanded back to Assessing Officer for verification. (AY. 2012-13, 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 26 : Income from house property-Co-owners-Association of persons-Maximum marginal rate-Tax rate applicable to individual Co-owners-Matter remanded to the Assessing Officer.[S. 22, 167B] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-55297","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-enT","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=55297"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55297\/revisions"}],"predecessor-version":[{"id":55298,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55297\/revisions\/55298"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}