Joint venture loss adjustment upheld where the assessee had a share in the venture's factual loss finding.

A joint venture loss was treated as adjustable against the assessee's other income because the arrangement was found to be a joint venture and the earlier view that the loss should be dealt with like a partnership loss had not been challenged further by the Revenue. The Tribunal's conclusion depended on the factual finding that the assessee had a share in the joint venture loss. On that basis, the loss attributable to the assessee was correctly allowed as an adjustment, and no referable question of law arose.

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Issues: Whether the assessee was entitled to adjustment of its share of loss from the joint venture, and whether any referable question of law arose from the Tribunal's conclusion on that issue.

Analysis: The arrangement with Radhey Sham Movies was treated as a joint venture, and the earlier appellate finding that the loss should be dealt with in the same manner as a partnership loss had not been challenged further by the Revenue. On that footing, the loss attributable to the assessee's share was adjustable against its other income. The Tribunal's view rested on the factual finding that the assessee had a share in the loss suffered by the joint venture.

Conclusion: The assessee's share of the joint venture loss was correctly held to be adjustable, and the matter did not give rise to any question of law. The reference petition was therefore dismissed.

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