https://www.taxtmi.com/caselaws?id=36423 The High Court ruled that the financial agreement between the assessee and another company constituted a lender-borrower relationship, not a joint venture, disallowing the set-off of losses in the computation of income. The court emphasized the absence of clear liability for losses on the lender and interpreted the profit share as distinct from principal plus interest. Consequently, the court denied the set-off claim, citing the lack of provision for interest in the agreement and holding that losses should not be included in the profit share. The revenue's position was upheld, and costs were allocated to each party. en-us Tue, 29 Jul 1980 00:00:00 +0530 Mon, 22 Mar 2010 12:39:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36423 The High Court ruled that the financial agreement between the assessee and another company constituted a lender-borrower relationship, not a joint venture, disallowing the set-off of losses in the computation of income. The court emphasized the absence of clear liability for losses on the lender and interpreted the profit share as distinct from principal plus interest. Consequently, the court denied the set-off claim, citing the lack of provision for interest in the agreement and holding that losses should not be included in the profit share. The revenue's position was upheld, and costs were allocated to each party. Case-Laws Income Tax Tue, 29 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36423