https://www.taxtmi.com/caselaws?id=215904 Where a joint venture executed most work through sub-contractors and the disclosed margin was abnormally low, the books could be rejected as unreliable and income estimated on a reasonable percentage basis. The ITAT accepted rejection of the accounts on the facts, but held that the higher estimate made by the first appellate authority was excessive and that 10% of gross receipts was a fair rate. It also held that the joint venture's assessment as an association of persons was not disturbed on the existing record, while the treaty-based non-discrimination claim affecting the applicable tax rate required fresh examination and was remitted for reconsideration. en-us Mon, 25 Jun 2012 00:00:00 +0530 Tue, 21 Aug 2012 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215904 Where a joint venture executed most work through sub-contractors and the disclosed margin was abnormally low, the books could be rejected as unreliable and income estimated on a reasonable percentage basis. The ITAT accepted rejection of the accounts on the facts, but held that the higher estimate made by the first appellate authority was excessive and that 10% of gross receipts was a fair rate. It also held that the joint venture's assessment as an association of persons was not disturbed on the existing record, while the treaty-based non-discrimination claim affecting the applicable tax rate required fresh examination and was remitted for reconsideration. Case-Laws Income Tax Mon, 25 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215904