Whether the transactions entered into by two or more persons is a joint venture will depend upon the facts of each case to be interpreted in the light of the decisions of the Supreme Court referred to above

Whether the transactions entered into by two or more persons is a joint venture will depend upon the facts of each case to be interpreted in the light of the decisions of the Supreme Court referred to above https://www.taxtmi.com/circulars?id=10373 Whether transactions by two or more persons constitute a joint venture depends on case facts and Supreme Court precedent; prior circulars are withdrawn. If persons combined in a joint enterprise to produce income, the combination is a joint venture whose tax treatment follows its legal character: a joint venture not meeting firm requisites is to be assessed as a firm, and a joint venture that is a firm will be assessed under the applicable income tax provisions. Assessing officers must be notified. en-us Thu, 25 Sep 1975 00:00:00 +0530 Fri, 17 Jun 2011 18:46:00 +0530 TaxTMI RSS Generator Whether the transactions entered into by two or more persons is a joint venture will depend upon the facts of each case to be interpreted in the light of the decisions of the Supreme Court referred to above https://www.taxtmi.com/circulars?id=10373 Whether transactions by two or more persons constitute a joint venture depends on case facts and Supreme Court precedent; prior circulars are withdrawn. If persons combined in a joint enterprise to produce income, the combination is a joint venture whose tax treatment follows its legal character: a joint venture not meeting firm requisites is to be assessed as a firm, and a joint venture that is a firm will be assessed under the applicable income tax provisions. Assessing officers must be notified. Circulars Income Tax Thu, 25 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10373