https://www.taxtmi.com/caselaws?id=281953 A joint venture formed only to secure a contract was not taxable as an Association of Persons where the supplementary agreement showed that one constituent alone bore the financial risk, executed the project, provided resources, operated the joint bank account, complied with statutory requirements, and remained solely responsible for profits and losses. On those facts, the joint venture agreement was treated as a bidding arrangement rather than a genuine taxable joint activity, and the CBDT circular supported that approach. The contract income was therefore not assessable in the hands of the joint venture, and the addition made on that basis was deleted. en-us Wed, 06 Sep 2017 00:00:00 +0530 Sun, 14 Jul 2019 15:54:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281953 A joint venture formed only to secure a contract was not taxable as an Association of Persons where the supplementary agreement showed that one constituent alone bore the financial risk, executed the project, provided resources, operated the joint bank account, complied with statutory requirements, and remained solely responsible for profits and losses. On those facts, the joint venture agreement was treated as a bidding arrangement rather than a genuine taxable joint activity, and the CBDT circular supported that approach. The contract income was therefore not assessable in the hands of the joint venture, and the addition made on that basis was deleted. Case-Laws Income Tax Wed, 06 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281953