https://www.taxtmi.com/caselaws?id=217625 ITAT Hyderabad held that a joint venture (JV) formed solely to procure contracts, with members executing allocated works and offering income in their individual returns, cannot be taxed as an Association of Persons. The tribunal rejected the revenue's argument treating JV as main contractor and members as sub-contractors, ruling no income estimation was warranted. Additions under sections 40A(2), 43B regarding VAT withholding, and 40(a)(ia) for mobilization advance were deleted. The court also dismissed a Rs. 38.62 crore addition for alleged balance sheet differences, finding no unexplained assets existed. en-us Thu, 12 Jul 2012 00:00:00 +0530 Thu, 06 Mar 2025 17:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217625 ITAT Hyderabad held that a joint venture (JV) formed solely to procure contracts, with members executing allocated works and offering income in their individual returns, cannot be taxed as an Association of Persons. The tribunal rejected the revenue's argument treating JV as main contractor and members as sub-contractors, ruling no income estimation was warranted. Additions under sections 40A(2), 43B regarding VAT withholding, and 40(a)(ia) for mobilization advance were deleted. The court also dismissed a Rs. 38.62 crore addition for alleged balance sheet differences, finding no unexplained assets existed. Case-Laws Income Tax Thu, 12 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217625