https://www.taxtmi.com/caselaws?id=185633 The Tribunal partly allowed the appeals, ruling in favor of the assessee on certain issues while upholding decisions on others. It recognized the agreement dated 2-9-2002 as transferring overriding title to Patel Engineering Ltd. (PEL), shifting income and tax liability from the Joint Venture to PEL. Expenses incurred by LGE&C after 2-9-2002 were disallowed due to LGE&C's withdrawal from the JV. Contributions to Provident Fund and Employees' State Insurance Corporation were allowed, subject to pre-2-9-2002 expenses. Loss claim for sub-contract charges was rejected for not being in the return or books. Deduction under Section 80IA was denied due to the JV not being a consortium of Indian companies. Recovery of tax and interest from the Association of Persons was limited to pre-2-9-2002 period. Penalty proceedings were deemed premature for assessment. en-us Fri, 16 Apr 2010 00:00:00 +0530 Mon, 22 Aug 2016 13:15:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185633 The Tribunal partly allowed the appeals, ruling in favor of the assessee on certain issues while upholding decisions on others. It recognized the agreement dated 2-9-2002 as transferring overriding title to Patel Engineering Ltd. (PEL), shifting income and tax liability from the Joint Venture to PEL. Expenses incurred by LGE&C after 2-9-2002 were disallowed due to LGE&C's withdrawal from the JV. Contributions to Provident Fund and Employees' State Insurance Corporation were allowed, subject to pre-2-9-2002 expenses. Loss claim for sub-contract charges was rejected for not being in the return or books. Deduction under Section 80IA was denied due to the JV not being a consortium of Indian companies. Recovery of tax and interest from the Association of Persons was limited to pre-2-9-2002 period. Penalty proceedings were deemed premature for assessment. Case-Laws Income Tax Fri, 16 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185633