https://www.taxtmi.com/caselaws?id=383040 The Tribunal ruled in favor of the assessee, deciding that the income should not be taxed in the hands of the Joint Venture (JV) but in the hands of its individual members. It found the rejection of books of accounts and the estimation of net profit rate by the Assessing Officer to be incorrect. Additionally, the Tribunal directed that taxes paid by JV members should be adjusted against the JV's demand, and consequential interest charges under Sections 234A, 234B, and 234C of the Income Tax Act should be deleted. The appeals filed by the Revenue were dismissed. en-us Thu, 25 Apr 2019 00:00:00 +0530 Tue, 16 Jul 2019 09:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383040 The Tribunal ruled in favor of the assessee, deciding that the income should not be taxed in the hands of the Joint Venture (JV) but in the hands of its individual members. It found the rejection of books of accounts and the estimation of net profit rate by the Assessing Officer to be incorrect. Additionally, the Tribunal directed that taxes paid by JV members should be adjusted against the JV's demand, and consequential interest charges under Sections 234A, 234B, and 234C of the Income Tax Act should be deleted. The appeals filed by the Revenue were dismissed. Case-Laws Income Tax Thu, 25 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383040