https://www.taxtmi.com/caselaws?id=326474 A real estate project arrangement was treated as a genuine joint venture and Association of Persons because the parties acted for a common commercial purpose, implemented profit and loss sharing, and used venture-level registrations and sale deeds. The supplementary agreement was accepted as a valid clarification of earlier ambiguity, and the form of the arrangement was not allowed to override its substance. On that basis, amounts withdrawn by a member from the venture were not taxable separately in that member's hands as business income, and the deduction under section 80IB(10) had to be examined at the venture level rather than against the individual member. en-us Wed, 09 Mar 2016 00:00:00 +0530 Sat, 16 Apr 2016 10:40:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326474 A real estate project arrangement was treated as a genuine joint venture and Association of Persons because the parties acted for a common commercial purpose, implemented profit and loss sharing, and used venture-level registrations and sale deeds. The supplementary agreement was accepted as a valid clarification of earlier ambiguity, and the form of the arrangement was not allowed to override its substance. On that basis, amounts withdrawn by a member from the venture were not taxable separately in that member's hands as business income, and the deduction under section 80IB(10) had to be examined at the venture level rather than against the individual member. Case-Laws Income Tax Wed, 09 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326474