1980 (5) TMI 59

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....s year it entered into a joint venture with M/s Himalaya Cold Storage wherein it suffered a loss of Rs. 16,554. The assessee firm claimed the same as a deduction in the profit and loss account. The ITO did not concede the assessee's claim on the ground that the joint venture belonged to an AOP and that the loss could be allowed only to that entity. The assessee had relied on the Madras High Court'....

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....on business of vegetables, fruits, etc. in wholesale in Subji Mandi, Ballabgarh. During this year, the assessee firm entered in a joint venture with M/s Himalaya Cold Storage, Ballabgarh for sale and purchase of apples. That party was also a registered partnership firm. In the said joint venture a loss of Rs. 33,108 was incurred out of which half share, namely Rs. 16,554 came to the share of the a....