The Supreme Court of India has ruled that a 35% share of gross sale proceeds received by an assessee from an Association of Persons (AOP) constitutes taxable “revenue/income” and not tax-exempt “profit.” The Court further held that the Revenue is justified in reopening assessments when fresh information, such as documents impounded during a survey, prima
35% Gross Receipt Sharing is Taxable Revenue, Not Exempt Profit; SC Validates Reassessment on Discovery of Fresh Material
