Quiz for the week (13 Jul 2026) :
Sowbi Ltd and Rita Ltd formed an AOP with a condition that 20% of the receipt from contracts must be paid upfront to Sowbi Ltd and on the balance all expenses of the AOP to be met. Sowbi Ltd claimed this amount as exempt since it is share of income from AOP. Also, the AOP claimed that the amount paid is diversion of income and therefore not to be considered for the purpose of computing its income liable to tax. Decide.
Share your thoughts on or before 20.07.2026.