https://www.taxtmi.com/caselaws?id=64135 A joint venture loss debited in the assessee firm's profit and loss account was allowed as a deduction, as the Tribunal accepted that the loss could not be disallowed merely because the venture was treated as an association of persons. The competing positions turned on whether an association of persons is a separate assessable person under the Income-tax Act and whether section 70 permits only source-wise set-off rather than inter-personal allocation of loss. Applying the settled rule that where two views are possible the one favourable to the assessee must prevail, the Tribunal upheld the deduction and rejected the departmental appeal. en-us Tue, 27 May 1980 00:00:00 +0530 Sat, 05 Feb 2011 10:28:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64135 A joint venture loss debited in the assessee firm's profit and loss account was allowed as a deduction, as the Tribunal accepted that the loss could not be disallowed merely because the venture was treated as an association of persons. The competing positions turned on whether an association of persons is a separate assessable person under the Income-tax Act and whether section 70 permits only source-wise set-off rather than inter-personal allocation of loss. Applying the settled rule that where two views are possible the one favourable to the assessee must prevail, the Tribunal upheld the deduction and rejected the departmental appeal. Case-Laws Income Tax Tue, 27 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64135