https://www.taxtmi.com/caselaws?id=240800 The Tribunal ruled that if the entire business/contract receipts received by a Joint Venture (JV) are transferred to the constituent members/JV, there is no accrual of income in the hands of the assessee-JV. However, if any portion of contract receipts is retained by the JV, it should be taxed in the assessee's hands. The Assessing Officer was directed to reverify accounts accordingly. The Tribunal upheld the CIT(A)'s decision that assessment orders for the years 2003-04 and 2004-05 were null and void due to being issued beyond the statutory time limit. The assessee's appeals for the years 2006-07 and 2007-08 were allowed for statistical purposes. en-us Thu, 31 Jan 2013 00:00:00 +0530 Thu, 12 Dec 2013 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240800 The Tribunal ruled that if the entire business/contract receipts received by a Joint Venture (JV) are transferred to the constituent members/JV, there is no accrual of income in the hands of the assessee-JV. However, if any portion of contract receipts is retained by the JV, it should be taxed in the assessee's hands. The Assessing Officer was directed to reverify accounts accordingly. The Tribunal upheld the CIT(A)'s decision that assessment orders for the years 2003-04 and 2004-05 were null and void due to being issued beyond the statutory time limit. The assessee's appeals for the years 2006-07 and 2007-08 were allowed for statistical purposes. Case-Laws Income Tax Thu, 31 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240800